Hui Ka-yan banned from entering securities market for life

China's securities regulator imposed a fine of 47 million yuan (HK$51 million) on China Evergrande's (3333) former chairman and founder Hui Ka-yan, after he was caught out in fraudulent behavior.

Hui has also been banned for life from participating in the securities market, according to an exchange filing from the property developer yesterday. Hui "instructed other personnel to falsely inflate" the company's annual results in 2019, the filing said.

Evergrande's mainland unit Hengda Real Estate was also handed a fine of 4.2 billion yuan over suspected fraudulent bond issues, the company said in a filing.

Evergrande filed for bankruptcy in New York back in August, and trading of the group's shares was suspended in September.