China accuses Evergrande of ‘shocking’ $119b fraud

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Beijing | China Evergrande Group’s alleged $78 billion ($119 billion) revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the centre of one of the biggest financial fraud cases in history.

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The nation’s top securities regulator said the developer’s onshore unit inflated revenue by recognising sales in advance in the two years through 2020 that led up to its default. It imposed a 4.18 billion yuan ($890 million) fine against the unit.

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