China sentences Communist Party tycoon to prison

a court of Shanghai, in China, sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in prison and an $8.1 billion fine. He is the founder of the Tomorrow Holdings conglomerate, responsible for several businesses in the country, such as real estate, banking and insurance. The sentence was handed down on Friday the 19th.

He was found guilty of embezzlement of public funds, illegal use of funds and bribery, the Shanghai Intermediate People’s Court said in a statement. According to the court, the sentence was mitigated because the tycoon admitted his crimes and cooperated to recover the illegal gains and repair the losses.

Xiao, born in China, is known for his ties to the country’s Communist Party elite.

From 2001 to 2021, Xiao and Tomorrow donated stocks, real estate, cash and other assets to government officials totaling over $100 million to evade financial scrutiny and seek improper benefits. , the court said.

In July 2020, nine of the group’s linked institutions were seized by Chinese regulators as part of a crackdown on risks posed by financial conglomerates.

Xiao has been missing for five years

The billionaire has been missing since 2017, when he was kidnapped by agents from Beijing who invaded Hong Kong, where he lived.

Until his disappearance, Xiao lived in an apartment inside a five-star hotel deemed to be a haven for Chinese tycoons. The case has sparked controversy in the former British colony, which has a different legal system than mainland China.

Megan Schneider

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