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China Evergrande Group’s founder and former chairman Hui Ka-yan pleaded guilty to charges including embezzlement of corporate assets and corporate bribery, according to a statement issued by the Shenzhen Intermediate People’s Court.
The trial was held on Monday and Tuesday, and the court said it would issue its judgment at a later date.
The charges against Hui and Evergrande also included illegally absorbing public deposits, fundraising fraud, illegal loan issuance, fraudulent issuance of securities and unlawful disclosure of material information.
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During the trial, the court presided over investigation and debate between the prosecution and the defence on the alleged facts. Hui and Evergrande delivered final statements.
Some deputies to the National People’s Congress, members of the Chinese People’s Political Consultative Conference, relatives of the defendants and representatives of fundraising participants attended the trial as observers.
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Chinese authorities detained Hui in September 2023 for unspecified crimes.
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