The founder of Evergrande, the property giant at the centre of China’s housing market slump, has been sentenced to life in prison and had all of his personal property confiscated.
Hui Ka Yan pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery.
Shenzhen Intermediate People’s Court also fined his former companies a total of 15.82bn yuan (£1.73bn; $2.35bn) over multiple crimes, including falsifying records and concealing debt.
Hui’s sentencing marks a key moment in the fallout from Evergrande’s collapse, which shook China’s property sector and hit investors and domestic banks hard.
Hui and his businesses “seriously disrupted” the Chinese property market, resulting in significant economic losses, the court said.
Other Evergrande executives, including Hui’s two sons Xu Zhijian and Xu Tenghe, were also sentenced to jail terms ranging from 22 months to 18 years, according to state media.
I didn’t imagine myself saying this about China a couple of years ago, but it’s great to see a government who’s actually in control of corporations.
Setting an example for the rest of the world.
No wonder our billionaire overlords hate China so much. In a dictatorship of the proletariat they would actually face consequences!
But at what cost?!?!?!?
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Sadge
China is a capitalist hellscape exactly like the US, if not worse, btw
I’ve seen you around enough to know you’re being sarcastic on this one, but it’s not very clear from the comment alone.
I thought the emoji made it pretty clear
Nope, sorry
Being from hexbear is enough of a hint I think
lol, from what I’ve seen hexbear ranges from being between the avg. lemmygrad user to the average .world user. And the fact I even understand myself here means I might be spending too much time in this ether of internet. No offense
Commenting this on a story about a ruling class parasite actual experiencing legal consequences, a thing that absolutely does not happen in the US, is fucking hilarious
You can’t just put unmarked sarcasm out there on the Internet and expect people to know, this is 100% a real opinion that people have
Yeah… sometimes Hexbear irony escapes containment. The “:very-smart:” Hexbear emoji is the tell, but not everyone is fluent in Hexbearian.
China does a lot of good things and a lot of questionable things, but at least they prosecute white-collar criminals.
