Xiao was one of the richest men in China at the time of his arrest, with a fortune valued at $6 billion.
The businessman was found guilty of “embezzlement of public funds and illegal use of funds,” Shanghai No. 1 Court said in a statement.
The disappearance of the businessman, considered close to several leaders of the Chinese communist regime, had a great impact five years ago.
According to local media, Xiao was captured at a hotel in Hong Kong by officers from Beijing. The detention, about which the government has remained silent, was part of a broad anti-corruption campaign launched by Chinese President Xi Jinping after he came to power in 2012.
Xiao’s alleged abduction in Hong Kong took place at a time when mainland Chinese operatives were not allowed to operate in a semi-autonomous territory.
The businessman’s capture has raised fears that other Hong Kongers will be driven to mainland China, where justice is largely subordinated to the Chinese Communist Party. The revenue fueled large pre-democracy protests in Hong Kong in 2019.
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