China sentenced Chinese-Canadian financier Xiao Jianhua to 13 years in prison and fined his company Tomorrow Holding 55 billion yuan ($8.1 billion), bringing an end to a long-running saga that has seen many of the tycoon’s business interests reined in since he was seized in Hong Kong more than five…
Five years after being grabbed from a Hong Kong hotel, Xiao Jianhua, who came to symbolize China’s corporate excess, also faces a hefty fine, as does his company.
A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow
Xiao Jianhua, a Chinese Canadian billionaire and onetime trusted financier to China’s ruling elite, was sentenced to 13 years in prison on Friday, and his company fined $8 billion, after he pleaded guilty to bribery and other crimes that authorities said had “seriously jeopardised” the country’s financial security.