Xu Jiayin is the founder of Evergrande. Evergrande is a big house company in China. Now Xu Jiayin must go to prison for life. A court in the city Shenzhen makes this choice.
Xu Jiayin does many bad things. He lies in money deals. He gives wrong facts about his company. He also takes money from the company for himself. People call this veruntreuung.
The court takes all his money. He never works in politics again. His company Evergrande must pay a big fine. The fine costs more than 2 billion dollars. Other bosses of the company also go to prison.
Before, Xu Jiayin is very rich. He is one of the richest men in China. But the company has too many debts. In the year 2021 the company has insolvenz. This hurts the money system in China a lot.
