Evergrande founder Hui Ka Yan sentenced to life in prison for fraud

Hui Ka Yan, the 67-year-old founder of Chinese property giant Evergrande, has been sentenced to life in prison and had all personal assets confiscated after pleading guilty in April to eight fraud charges. Forbes valued his net worth at $42.5 billion in 2017, making him China's richest man at the time. Evergrande itself was also handed hefty financial penalties.