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Submission: On September 18 via api from LU — Scanned from US
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ABC17News App Breaking News Alerts & Video On Demand DOWNLOAD Skip to content Open toolbar Accessibility Tools Accessibility Tools * Increase TextIncrease Text * Decrease TextDecrease Text * GrayscaleGrayscale * High ContrastHigh Contrast * Negative ContrastNegative Contrast * Light BackgroundLight Background * Links UnderlineLinks Underline * Readable FontReadable Font * Reset Reset circle-arrow Play Button Stop Button chevron-right chevron-left chevron-up search warning chevron-left-skinny chevron-right-skinny x clock calendar play-button cancel-circle user twitter facebook youtube instagram email linkedin * Home * News * Education * Columbia * Crime * Jefferson City * Missouri * US/World * Download Our Apps * Question of the Day * ABC 17 Investigates * Weather * ABC 17 Stormtrack Doppler Radar * ABC 17 Stormtrack Insider Blog * Stormtrack Insider Outdoors * ABC 17 Stormtrack Weather Alert Days * Forecast * Cameras * Closings and Delays * Download Our Apps * Sports * Super Bowl 2024 * High School Sports * Mizzou Tigers * SportsZone Football Friday * SportsZone Basketball * Election results * 2024 Voter Guide * Columbia City Government * Jefferson City Government * Videos * Livestream Special Coverage * Livestream Newscasts * Life * A Family For Me * Healthy Living * Health & Wellness * House & Home * Healthy Pets * Your Money * Taxes * Fuel Finder * Community Calendar * Play * Contests * Entertainment * Share * Submit Tips, Pics and Video * FOX 22 * Community Calendar * Jobs * Work for KMIZ * Explore Local Jobs * Intern with KMIZ * About Us * Download Our Apps * Advertise With Us * Meet the Team * Contact Us * Jobs/Internships * Closed Captioning * EEO Public Filing * FCC Public File * TV Listings Skip to Content * News * Weather * Sports * FOX 22 * Life * Events * Play * Share * Watch Columbia 65° × search Custom Search Sort by: Relevance Relevance Date VIDEO FORECAST TRACKING HOT AND DRY DAYS AHEAD OF RAIN CHANCES OVER THE WEEKEND SEARCH × search Custom Search Sort by: Relevance Relevance Date TOP STORIES QUESTION OF THE DAY: DO YOU THINK WE’LL SEE MORE POLITICAL VIOLENCE BEFORE NOVEMBER? BLAIR OAKS PLACED ON ‘SOFT LOCKDOWN’ AFTER ALLEGED THREAT; SUSPECT IDENTIFIED, SUPERINTENDENT SAYS COLUMBIA TO RECEIVE $3.2 MILLION FOR RAILWAY INFRASTRUCTURE MAN CHARGED WITH DOMESTIC ASSAULT ACCUSED OF BARRICADING HIMSELF IN PILOT GROVE HOME WITH BABY SECOND MAN CHARGED IN FATAL MILLER COUNTY CRASH CNN - Business/Consumer BIGGEST FRAUD IN CHINESE HISTORY? BEIJING ACCUSES EVERGRANDE OF INFLATING REVENUES BY $78 BILLION By CNN Newsource Published March 19, 2024 4:54 AM Share on FacebookShare on Twitter Share on Linkedin By Laura He, CNN Hong Kong (CNN) — Chinese regulators have accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case. Error OK Error OK The China Securities Regulatory Commission (CSRC) slapped a penalty of 4.175 billion yuan ($580 million) on Hengda Real Estate, the group’s main Chinese unit, the company said in filings to the Shenzhen Stock Exchange on Monday. Xu Jiayin, founder and chairman of the Evergrande Group, was fined 47 million yuan ($6.5 million) for the overstatement and other alleged violations. Formerly China’s richest man, he was also barred from the securities markets for life. The findings were revealed after an eight-month-long investigation by the CSRC. The investigation had previously derailed Evergrande’s debt restructuring talks with its overseas bondholders in the fall, because the company couldn’t issue new notes, according to a company statement issued in September. Days later, Evergrande said its chairman had been detained by Chinese authorities on suspicion of “crimes.” In January 2024, a Hong Kong court ordered Evergrande to liquidate. In Monday’s filing, Hengda said the CSRC accused the company of several violations, including inflating sales in its financial reports, relying on these allegedly falsified figures to sell bonds and failing to disclose relevant information as required. The regulator said Hengda had fabricated 214 billion yuan ($30 billion) in sales for 2019, which accounted for half of that year’s revenue. Another 350 billion yuan ($48.6 billion) in sales for 2020, accounting for 78% of revenue, were also falsified. As a result, 2019’s net profit was inflated by 63% and 2020’s net profit by 87%, it said. The alleged fraud, amounting to a total of 564.1 billion yuan ($78 billion) over two years, is the largest ever financial fraud case in mainland China’s securities markets, according to previous regulatory statements and state media reports. In addition to the penalties levied on Hengda and Xu, six other executives were fined by the CSRC for being “directly responsible.” Like Xu, Xia Haijun, the former vice chairman and CEO of Evergrande Group, was banned from the nation’s securities markets for life. “Xu Jiayin had made decisions, organized, and implemented the financial fraud … Xia Haijun had organized, arranged and prepared the falsified financial reports… their means were really bad and the circumstances were grave,” the regulator said. The-CNN-Wire ™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Article Topic Follows: CNN - Business/Consumer Jump to comments ↓ CNN NEWSOURCE TOP STORIES AROUND THE WEB BACK SURGEON: "SCIATIC NERVE PAIN? 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