Evergrande: Chinese firm and founder fined over $78bn fraud claims

Property developer fined $580m and its chairman, Hui Ka Yan, fined $6.5m for allegedly falsifying its revenues

The troubled Chinese property developer Evergrande and its founder have been fined over allegations that they fraudulently inflated its revenues by $78bn (£61.6bn) in the two years before it began missing debt repayment deadlines.

Beijing’s stock watchdog fined the company about $580m for allegedly falsifying its revenue, among other violations, as it conducts a deep clean of the country’s embattled financial sector.

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