Hui Ka Yan, billionaire chairman and founder of China’s tottering Evergrande group, is placed under 'residential surveillance' by police.
The Chinese Communist Party has reportedly placed Hui Ka Yan, the billionaire chairman and founder of China’s gigantic and dangerously indebted Evergrande Group, under police surveillance, reports indicated Wednesday.
“The measure means he is unable to leave the location, meet or communicate with others without approval, based on China’s Criminal Procedure Law,” Bloomberg explained. Bloomberg said the reasons for Hui’s detention were unclear, which is not surprising, since one of the perks of authoritarian tyranny is being able to throw people in jail without explaining why. China has also reportedly detained other Evergrande staff and executives as part of the investigation into the company’s wobbly finances, possibly because Beijing wants to send the message that no company is “too big to fail,” but remains nervous about demolishing Evergrande.
“Therefore, everything that Evergrande and I have, they are all given by the Party, by the country, and by society,” he gushed.
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