Fire Sale - a sale of goods or assets at a very low price, typically when the seller is facing bankruptcy.
USA corp?
That dude has some serious balding issues…
China accuses Evergrande Group of $78 billion fraud, among worst ever
By Bloomberg News
China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history.
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The nation’s top securities regulator said the developer’s onshore unit inflated revenue by recognising sales in advance in the two years through 2020 that led up to its default. It imposed a 4.18 billion yuan ($581 million) fine against the unit.
Evergrande’s alleged fraud dwarfs that of Luckin Coffee Inc. and Enron Corp., dealing a blow to the reputation of its former auditor and the country’s financial oversight. It fuels concern about how widespread such accounting issues are, just as the new China Securities Regulatory Commission chairman is trying to tighten oversight.
“The CSRC fines may serve as a warning to owners of other defaulted developers that failing to collaborate with authorities over debt restructuring could result in severe consequences,” said Zerlina Zeng, senior credit analyst at Creditsights Inc.
https://www.business-standard.com/world-news/china-accuses-evergrande-group-of-78-billion-fraud-among-worst-ever-124031900120_1.html