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China imposes lifetime securities ban on Evergrande founder



China’s securities regulator has imposed a lifetime ban from the securities market on Hui Ka-yan, the former chairman of China Evergrande, for fraudulent activities. Additionally, Hui has been fined CNY47m (USD6.5m) after directing personnel to inflate the company’s 2019 annual results. This action is part of broader regulatory efforts to enforce corporate governance and transparency, especially highlighted by Evergrande’s significant financial turmoil. The company, once a leading property developer in China, filed for bankruptcy in New York in August, with trading of its shares suspended in September. The ban and fine against Hui Ka-yan underscore the severity of the financial misconduct and the Chinese authorities’ crackdown on malpractices within the corporate sector.

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