China Evergrande Group said its billionaire chairman Hui Ka Yan is suspected of committing crimes, escalating the legal peril for a tycoon whose indebted real estate conglomerate has saddled investors, homeowners and suppliers with billions in losses.
Authorities notified Evergrande that Hui has been subject to “mandatory measures,” due to “suspicion of illegal crimes,” according to a company statement to the Hong Kong stock exchange Thursday. It didn’t elaborate on what the measures entail or what crimes he may have committed. The company’s shares will remain halted until further notice, Evergrande said.
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