Evergrande Seeks $6 Billion from Founder and Executives

China Evergrande Group, now in liquidation, is seeking to recover approximately $6 billion from its founder Hui Ka Yan, his former spouse Ding Yumei, and several former executives due to allegedly misstated financial statements between 2017 and 2020. Liquidators have secured injunctions preventing the defendants from disposing of their assets worldwide while the legal proceedings unfold. The company's shares have been suspended from trading since January 2024, following a Hong Kong court's order for liquidation due to Evergrande's inability to repay creditors. Hui, once Asia's richest man, is reportedly under police surveillance, facing investigations for financial fraud that include significant fines imposed earlier this year. The recovery of funds remains uncertain, and the ongoing legal processes have introduced complexities regarding the defendants' asset management. Evergrande's past financial misrepresentation has become emblematic of a broader crisis within China's real estate sector.