Billionaire Xiao Jianhua jailed for 13 years in China
A court in Shanghai charged a Chinese-Canadian billionaire, Xiao Jianhua, and his company with embezzlement and bribery. His company, Tomorrow Holdings, was fined over $8 billion and Xiao was sentenced to 13 years in prison.
Xiao and Tomorrow Holdings were found guilty of absorbing public deposits, illegal use of funds, and breaching trust in the use of entrusted property. Tomorrow Holdings was guilty of the crime of bribery. In the statement from the Shanghai court, Xiao was said to have hurt state financial security and violated the financial management order. China’s foreign ministry did not recognize Xiao’s dual citizenship and Canadian diplomats were denied access to the trial and Xiao was not given the rights to access Canadian consular services.