BEIJING (Bloomberg): China sentenced Chinese-Canadian financier Xiao Jianhua to 13 years prison and fined his company 55 billion yuan ($8.1 billion), bringing an end to a long-running saga that has seen many of the tycoon’s business interests reined in since his seizure in Hong Kong more than five years ago.
"The criminal acts of Tomorrow and Xiao have seriously damaged the financial management order and seriously endangered the national financial security,” according to a statement from the Shanghai First Intermediate People’s Court. Xiao himself was fined 6.5 million yuan.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
