Evergrande Founder Pleads Guilty to Fraud

0:00It's April 14th. This is Sydney News Today, AI-powered stories from your city. Evergrande Spounder, Kwe Kha Yan, just pleaded guilty in a Chinese court to fundraising fraud and illegally taking public deposits. The 67-year-old, also known as Shu Jain, faced these charges after his real estate empire crumbled under massive debt. This weekend shuns in during a two-day trial, Kwe expressed real remorse according to the court's statement. They planned to drop the verdict later, but no date yet. Meanwhile, his company's face extra heat for illegal loans, fake securities, and bribery. Kwe Rose from a rural kid in Henan province, to Asia's richest man back in 2017, with a net worth of $45 billion. He built Evergrande into China's top property developer by sales, but aggressive borrowing lets over $300 billion in liabilities. A Hong Kong court-ordered liquidation in January of this year when restructuring talks failed.

1:00Liquidators are now fighting offshore to freeze assets of Kwe and his ex-bounce, chasing $6 billion in dividends and pay handed to execs. Evergrande tried diversifying into electric vehicles, health care, and more, sinking nearly $10 billion into cars alone, but the fallout keeps, rolling as courts worldwide sort the