Largest Financial Fraud

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Global Recap
March 19, 2024 • Read in: 6 minutes

Hi Global Recap readers,

Once the richest man in the country and now an alleged fraudster, accused of fudging the books to make himself look bigger than he really is.

Get your mind out of the gutter, I am talking about Xu Jiayin and his real estate darling Evergrande. 👇

(⏰ Reading Time: 6 mins)

CHINA

Largest Financial Fraud

Evergrande Chairman Xu Jiayin was once China’s richest man

Chinese regulators uncovered a colossal financial fraud at Evergrande, fining the real estate giant and its founder.

  • 🔍 Investigation. An eight-month probe by the China Securities Regulatory Commission revealed a staggering fraud accusing the real estate group and its founder of inflating the company’s revenue by a staggering $78 billion in revenue inflation between 2019 and 2020.

  • 💰 Fines. Penalties totaling 4.175 billion yuan ($580 million) were imposed on the company, with its founder, Xu Jiayin, receiving a 47 million yuan ($6.5 million) fine and a lifetime securities market ban.

In a web of deceit, Evergrande stands entangled in the largest financial fraud case in mainland China’s securities history.

ISRAEL-HAMAS

Hamas No. 3 Dead

Marwan Issa, the Hamas commander, is reportedly killed by an Israeli attack. He is known to have been Hamas’ No. 3 and Israel’s “walking nightmare.”

  • 💥 Impact. The death of Issa would be a significant blow to Hamas, potentially complicating ceasefire efforts and hostage releases.

  • 🕵️‍♂️ Secrecy. Known as the “shadow man,” Issa was notorious for evading detection and orchestrating attacks, including the devastating Oct. 7 assault.

  • 🚀 Arsenal. Issa contributed to building Hamas’ military capabilities, including its rocket arsenal, under the mentorship of Mohammed Deif.

US

Trump Targets Israeli Democrats

Former President Donald Trump accused Jewish Democrats of hating Israel, sparking widespread criticism and highlighting the deepening partisan divide over Israel and its politics.

  • 🔥 Controversy. Trump claimed on the America First radio show that Jewish Democrats voting for their party “hate everything about Israel,” a statement that has been met with backlash for its divisive nature.

    • Yet, a distinct split is evident between the two parties on the Israel-Hamas conflict, with a significant number of Democrats aligning with the Palestinians and Republicans supporting the Israelis.

  • 🤝 Chuck. Senate leader Chuck Schumer emphasizes the importance of a bipartisan approach to the US-Israel relationship, countering Trump’s partisan attacks.

    • However, he also recently stirred controversy by urging Israelis to conduct an early election to remove Netanyahu, thereby potentially sparking political turmoil in a foreign sovereign state.

Trump’s comments reveal his strategy to leverage the Israel-Hamas conflict for political gain as the 2024 election approaches.

ARMENIA

Conceding Land

Armenian PM Nikol Pashinyan

Armenian PM Nikol Pashinyan announced territorial concessions to avoid conflict.

  • 🗺️ Borders. Armenia agreed to return four villages to Azerbaijan, aligning with Soviet-era boundaries to prevent war.

  • 🚨 Urgency. Without concession, Armenia risks imminent Azerbaijani aggression.

  • ⚠️ Context. The PM has faced numerous protests demanding his resignation due to his soft stance on Azerbaijan. But of course, he refused and arrested protestors.

HAITI

Haiti’s Gang Warfare Escalates

The escalating gang violence in Port-au-Prince, Haiti, is having a spillover effect on its surrounding nations and fueling the rise of vigilante groups.

  • 🔫 Violence. Gang conflicts in Port-au-Prince have intensified, resulting in numerous casualties and a climate of fear among residents.

  • 🛑 Vigilantes. In response to the unchecked gang activity, local Haitian communities have formed vigilante groups known as bwa kale. Some were spotted wielding machetes.

  • 🌐 Spillover. The image above shows a Haitian child in custody, inside a police vehicle, being expelled from the Dominican Republic. Florida and other US border cities should prepare for a potential surge of Haitian asylum seekers too.