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b3an ,
@b3an@lemmy.world avatar

Mr Hui was also fined $6.5m, according to a filing by the company to the Shenzhen and Shanghai stock exchanges.

Uhm. For “who was once China’s richest man” This is a small slap on the wrist considering the magnitude of fraud. It’s 0.008333% of the 78 Billion.

00x0xx ,

Being accused isn’t the same as being found guilty. Especially in the case of real estate, there is always a possibility that what he did to skirt to law and obtain that wealth may not actually be illegal.

That being said I don’t know enough on the laws or what he did, but it’s probably likely why China hasn’t killed him yet. They likely are doing a more drawn out investigation to find out if it’s their own poorly written policies that enable men like this to obtain that wealth and what to do to correct it in the eyes of common Chinese citizens.

Deceptichum ,
@Deceptichum@sh.itjust.works avatar

China doesn’t give a fuck about the citizens, they’re not doing anything to correct it in their eyes.

qaz ,

The CCP cares about their nation’s economy, they will care about what caused this mess.

Deceptichum ,
@Deceptichum@sh.itjust.works avatar

The party cares about if they’re rich. This guy was a party member and he made himself rich.

Linkerbaan ,
@Linkerbaan@lemmy.world avatar

Did the Evergrande bubble finally pop? It’s been floating for so long. An interesting video on it

CosmoNova ,

It popped a while ago, but it will take a long time for some people to finally accept that. The parallels to the crash of the japanese housing bubble over 30 years ago are well… staggering. Ironically enough.

youngGoku ,

So how does China hold this man accountable without also holding themselves accountable?

Isn’t it Chinese Communist policy that all businesses, especially a large one like Evergrande, has government personnel on the board of directors or equivelant?

Seems like if CCP had their hand in this cookie jar they should sanction themselves as well.

maynarkh ,

I can see them holding individuals in the party accountable. Not those high up, but someone might take a fall.

fne8w2ah OP ,

Basically, good luck expecting Winnie the Pooh to doxx himself.

alcoholicorn ,

The guy getting charged was a high up member of the CPC.

I kinda expected a harsher sentence than a fine, a ban from the party, and ban from ever doing business again given that the guy not only defrauded millions, but betrayed the public trust.

maynarkh ,

I do remember some guy embezzling funds from a rail bridge construction in China, causing a derailment that injured some people, being executed.

To be honest, if there needs to be a death penalty, it should be reserved for those cases. A single murder is reprehensible, but it is easy to get the wrong guy. If you do shit like management in Boeing, I wouldn’t say it’s unreasonable to execute the decision maker whose corrupt decision caused a plane to crash and hundreds of people to die.

ChicoSuave ,

Once of the hallmarks of Xi’s China is the lack of political penetration into big business. They are still there but passive and removed from most of the business. This was a few executives with a massive ego for their ability to finance and build shit, except they didn’t know how to finance and build shit - so it was a bunch of new guys proud that they could do their job. When shit hit the fan, no one knew how to do basic business like pay back loans or not borrow more money. China really only participated by giving money to someone they thought knew what they were doing.

clutchtwopointzero ,

China does force large corporations to have party members as board members. Except that these party members might not know enough of business and finance to materially influence anything. Plus, when things are going well, why spoil the feast by bringing up risks and required controls? Better ride the wave and try to get promoted for business leadership excellence!

CosmoNova ,

Xi will either blame predecessors or the CIA. Whatever the case the lesson “learned” from this will be more government control and things will spiral down further.

alcoholicorn , (edited )

Hui Ka Yan is a party member.

In 2008, Hui became a member of the Chinese People’s Political Consultative Conference (CPPCC) National Committee, the top political advisory body in China. He was promoted to CPPCC National Committee’s Standing Committee in 2013, and actively participated in the conventions since then. He attended the 100th anniversary of the Chinese Communist Party in 2021. In November 2022, he skipped a Standing Committee meeting due to the crisis at Evergrande, and was told not to attend the annual meeting of the CPPCC in March 2023.

somethingchameleon ,

That’s really backwards thinking, but I’m sure you think you have a point.

Rapidcreek ,

It was much bigger than that.

alcoholicorn ,

Does China do death penalty in cases that didn’t directly cause death?

I know they executed some executives after they poisoned like 8 babies.

Badeendje ,
@Badeendje@lemmy.world avatar

I can imagine that if suïcides are directly linked it is possible. I’m just more impressed that the government is actually going to hold a billionaire accountable. This was a massive ponzi scheme that the whole world already saw a decade ago… but it was so nice for the economic growth numbers.

ChicoSuave ,

Evergrande was a legit company that built things but used those buildings to raise loans AND presell, so they were double dipping and still behind on builds. Because of the way Chinese real estate is pre-sold before the build, it’s very hard to know who is a legit real estate developer and who is running a ponzi scheme.

Shyfer ,

I don’t think that’s super unusual, at least not here in the states. My parents bought their house before it was built, for example.

CosmoNova ,

It doesn’t really matter, because if the party wants someone to vanish, they end up in a ditch in the middle of nowhere.

alcoholicorn ,

I mean sure, that’s true of every state. But guys in custody rarely get suicided when a trial will have the desired outcome.

Executing a guy who caused a property bubble that caused such a huge loss of wealth for so many people seems like a desirable outcome for China; other capitalists will take note and do less fraud, and the workers will feel the system works.

What do you think would happen to the dem’s popularity if in 2008, Obama dragged the executives of Wells Fargo and Bank of America out and shot them infront of the millions whose homes they stole via predatory lending and outright mortgage fraud, instead of giving them a slap on the wrist and a shitton of money?

Deceptichum ,
@Deceptichum@sh.itjust.works avatar

No, it’s not true of every state.

The whole world isn’t as corrupt as China or Russia.

somethingchameleon ,

Umm, yes it is.

Boeing recently assassinated a whistleblower with impunity.

Deceptichum ,
@Deceptichum@sh.itjust.works avatar

First off Boeing isn’t a state.

And that is purely a conspiracy that they killed him. It’s possible but there is zero evidence behind it.

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