Founder of China's Evergrande jailed for life after pleading guilty to fraud

Hui Ka Yan, the 67-year-old founder of China's Evergrande property developer, has been sentenced to life in prison after pleading guilty to eight fraud charges. The court has confiscated all of his personal property and imposed hefty fines on the company. This represents a dramatic fall from grace for the billionaire who was once named China's richest man with a net worth of $42.5 billion in 2017.