Chinese-Canadian billionaire jailed for 13 years by Shanghai court

Shanghai

Shanghai Court at China sentenced a Chinese billionaire to 13 years in prisonCanada Xiao Jianhua. The court also imposed a fine of 55.03 billion yuan (120 trillion rupees) on Tomorrow Holdings Co. headed by Xiao.

As reported ReutersOn Friday (8/19/2022), Xiao and his company, Tomorrow Holdings, were charged with illegally absorbing public deposits, betraying the use of entrusted assets, and illegally using funds, as well as to have been accused of having corruption.

A Shanghai court also found that Xiao had been ordered to pay revenge for 6.5 million yuan (14.1 billion rupees).

In its decision, the Shanghai court said that Xiao and Tomorrow had “seriously violated the financial management order” and “damaged the financial security of the state”.

From 2001 to 2021, the Shanghai court said, Xiao and Tomorrow Holdings donated stocks, real estate, cash and other assets totaling more than 680 million yuan to government officials to evade financial scrutiny and pursue improper interests.

Xiao, who was born in China, is known to have ties to China’s Communist Party elite. He has not been seen in public since 2017 after being investigated as part of the Chinese government’s crackdown on tycoons.

In July 2020, nine institutions linked to the group were seized by Chinese regulators as part of a crackdown on risks posed by financial conglomerates.

(nvc/ita)

Matilda Baker

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