Xiao was one of the richest men in China at the time of his arrest, with a fortune valued at $6 billion. His conglomerate, Tomorrow, was a diversified group with interests in sectors such as banking, insurance and construction.
Until his disappearance, Xiao lived in Hong Kong in an apartment in the Four Seasons Hotel, then considered a haven for Chinese tycoons.
The businessman was found guilty of “embezzlement of public funds and illegal use of funds,” Shanghai No. 1 Court said in a statement.
You will also have to pay a fine of 6.5 million yuan ($950,000).
The Tomorrow conglomerate was ordered to pay nearly 55 billion yuan ($8.08 billion).
The disappearance of the businessman, considered close to several leaders of the Chinese communist regime, had a major impact five years ago in the former British colony, which has a legal framework different from that from mainland China.
According to press reports, the businessman was captured in January 2017 by Beijing agents, when mainland Chinese authorities were not authorized to operate in a semi-autonomous territory.
The businessman may have been a victim of Chinese President Xi Jinping’s anti-corruption campaign, which critics say was used to attack his political rivals.
Since the tycoon’s disappearance, the Chinese authorities have remained silent on the case, until last month the Canadian embassy in Beijing confirmed the opening of the process, without specifying the charges against Xiao. No Canadian diplomats were allowed to attend the trial.
“China does not recognize dual nationality,” Foreign Ministry spokesman Wang Wenbin said Friday.
“Therefore, Xiao Jianhua does not enjoy the right to consular protection,” he added.
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.
Fear fueled large pre-democracy protests in Hong Kong in 2019.
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