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Xiao Jianhua

Image: Screen-grab from Youtube/Spotlight On China video

Chinese-Canadian tycoon Xiao Jianhua sentenced to 13-years in prison

India Blooms News Service | @indiablooms | Aug 21, 2022, at 04:21 am

#XiaoJianhua #China

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.

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