China Evergrande Aims to Recover $6 Billion From Executives, Others

Dow Jones08-06

By Jiahui Huang

China Evergrande Group is seeking to recover $6 billion from its founder and others amid the former property giant's continuing liquidation.

The heavily indebted Chinese developer said late Monday that it is seeking to claw back the money from seven individuals, including founder Hui Ka Yan, his ex-wife, a former chief executive and a former chief financial officer.

Evergrande said liquidators had begun court proceedings in Hong Kong in March to recover dividends and remuneration totaling about $6 billion "paid by the company on the basis of allegedly misstated financial statements" for the years 2017 to 2020.

It said that since late June, it had obtained injunctions against Hui, his ex-wife and the former CEO that limit the trio from disposing of or otherwise diminishing their global assets.

The injunctions were initially granted in late June under confidentiality orders, which were lifted on Aug. 2.

Attempts to reach Hui for comment were unsuccessful.

Evergrande, once one of China's largest property developers, in January was ordered by a Hong Kong court to liquidate after a series of debt defaults and failure to secure restructuring terms with creditors.

Evergrande defaulted on dollar bonds in 2021 after running up more than $300 billion in liabilities, playing a role in sparking a broader property crisis in China.

The company said trading in its shares will remain suspended until further notice.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

August 06, 2024 00:46 ET (04:46 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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