A court in Shanghai, China has sentenced Chinese-born Canadian billionaire Xiao Jianhua to 13 years in prison for fraud and embezzlement.
In addition, his Tomorrow Holdings Company has been fined 8.1 billion US dollars.
Xiao and his company have been accused of illegally exploiting public deposits, embezzlement and misappropriation of assets, and illegal use of funds and bribery, the Shanghai First Intermediate Court said in a statement.
On Friday, 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 have seriously damaged the financial management order, seriously threatened the country’s financial security, seriously violated the integrity of state employees and should be severely punished according to law,” the court said.
From 2001 to 2021, Xiao’s company gave government officials more than $99.89 million in shares, cash and other assets. Hsiao, who also had ties to Chinese Communist Party leaders, was not seen in public after an investigation in 2017.
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