By Jiahui Huang
A Chinese regulator has followed through on a decision to fine China Evergrande Group and the company's founder about $586 million for alleged financial misconduct, dealing the former property giant another blow as it navigates liquidation proceedings.
The China Securities Regulatory Commission said Friday that it will fine China Evergrande 4.175 billion yuan ($579.5 million) for what it described as fraudulent financial statements.
The regulator said it will fine Evergrande founder Hui Ka Yan CNY47 million and ban him from holding executive positions at China-listed companies for life.
The CSRC said it is also pushing forward with investigations into "related brokerages."
Evergrande in March said it received a notice from the regulator informing it of the impending fines.
Evergrande was ordered to liquidate in late January after the property developer failed to reach a restructuring plan with creditors. Evergrande defaulted on dollar bonds in 2021 after running up more than $300 billion in liabilities, helping spark a broader property crisis in China.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
05-31-24 0554ET
