Vanished Chinese-Canadian Billionaire Sentenced to 13 Years in Prison

Xiao Jianhua, a Canadian-Chinese billionaire whose abduction from Hong Kong 5 years in the past despatched shock waves by way of China’s enterprise neighborhood, was sentenced to 13 years in jail by a Shanghai courtroom after pleading responsible to fees together with graft and unlawful dealing with of funds.

Mr. Xiao used the corporate he based, Tomorrow Group, to pay bribes to unnamed authorities officers totaling round $100 million over 20 years, in accordance with an announcement from the Shanghai No. 1 Intermediate Individuals’s Courtroom launched on Friday by way of state media. It mentioned Mr. Xiao used firms he managed to illegally accumulate greater than $45 billion in public deposits.