Xiao Jianhua Hong Kong: Chinese-Canadian tycoon Xiao Jianhua has been sentenced to 13-years in prison, media reports said on Saturday.
He was sentenced to prison more than five years after the billionaire was abducted from a hotel room in Hong Kong and taken to mainland China.
Xiao and his company Tomorrow Holdings were convicted of crimes involving tens of billions of dollars, including illegally absorbing public deposits, betraying the use of entrusted property, illegal use of funds and bribery, the Shanghai First Intermediate Court said in a statement as quoted by CNN.
The court also fined Xiao 6.5 million yuan ($950,000) and Tomorrow Holdings 55 billion yuan ($8.1 billion).
"The criminal acts of Tomorrow Holdings and Xiao Jianhua seriously damaged the financial management order, seriously endangered the country's financial security, seriously infringed on the integrity of the state staff, and should be severely punished according to law," the court said.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
