CHINA JAILS CANADIAN TYCOON FOR 13 YEARS ON CHARGES OF FINANCE CRIMES

Aug 19, 2022

By Jeremy Logan

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A court says a Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 has been sentenced to 13 years in prison for a multi-billion dollar string of financial offenses and his company was fined $8.1 billion.

The court in Shanghai says 50-year-old Xiao Jianhua was convicted of misusing billions of dollars of deposits from banks and insurers controlled by his Tomorrow Group and offering bribes to officials.

Xiao was fined the equivalent of $950,000.

He was last seen at a Hong Kong hotel in January 2017 and was believed to have been taken to the mainland by Chinese authorities.

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