China Evergrande Group exaggerated its revenue by more than $78 billion and committed securities fraud over two years before its spectacular collapse in 2021, a top Chinese regulator said. The China Securities Regulatory Commission accused Hui Ka Yan, the founder of Evergrande, of “making decisions and organizing fraud,” the company reported in a filing to the Shanghai and Shenzhen stock exchanges on Monday night. Mr. Hui was fined $6.5 million and banned from China’s financial markets for life. Xia Haijun, a former chief executive, was fined $2 million and also…
China Evergrande Founder Accused of Exaggerating Revenue by $78 Billion
