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Evergrande Scandal: Chinese Authorities Uncover $78 Billion Revenue Fraud

1 min read
Source: CNN
Evergrande Scandal: Chinese Authorities Uncover $78 Billion Revenue Fraud
Photo: CNN
TL;DR

Chinese regulators have accused Evergrande and its founder of inflating revenues by $78 billion, resulting in the largest financial fraud case in mainland China's securities markets. The China Securities Regulatory Commission imposed a penalty of $580 million on Evergrande's main Chinese unit and fined the founder $6.5 million, while also barring him from the securities markets for life. The investigation revealed that the company had fabricated billions in sales, inflating net profits by 63% in 2019 and 87% in 2020. In addition to the penalties, six other executives were fined, and the former vice chairman and CEO of Evergrande Group was also banned from the nation's securities markets for life.

Topics:businessbusinessfinance#businessfinance#china#evergrande#financial-fraud#property-developer#regulatory-investigation
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  1. Biggest fraud in Chinese history? Beijing accuses Evergrande of inflating revenues by $78 billion  CNN
  2. Evergrande: China property giant and its founder accused of $78bn fraud  BBC.com
  3. China Accuses Evergrande of $78 Billion Fraud, Worse Than Luckin and Enron  Bloomberg
  4. Evergrande Accused of Falsifying Revenue by $78 Billion  Yahoo Finance
  5. Chinese authorities accuse Evergrande of inflating revenues by $80bn  Financial Times

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