Chinese property giant Evergrande fined US$577 million for fraudulent bond issuance

Chinese property giant Evergrande fined US$577 million for fraudulent bond issuance

BEIJING: &nbsp, China’s deeply indebted property giant Evergrande has been fined 4.18 billion yuan ( US$ 577.1 million ) for fraudulent business practices, Beijing’s financial regulatory body said Friday ( May 31 ).

Evergrande Real Estate erroneously increased its revenue and profit between 2019 and 2020, according to a statement from the China Securities Regulatory Commission, which resulted in the defraudulent release of securities publicly traded on the trade market.

According to the regulator, Evergrande leader Hui Ka Yan was fined 47 million yuan and prohibited from re-entry into the securities business for life, according to the statement.

A Hong Kong jury earlier this year ordered Evergrande to be liquidated because it had been unable to provide a loan restructuring prepare more than two decades after it made a default on onshore note payments.

According to a report from Bloomberg on Thursday, China is considering suspending some of the auditor’s local operations and is considering imposing a record-breaking fine on PricewaterhouseCoopers LLP ( PwC ) for its role in the Evergrande Group audit.

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