A Chinese-born Canadian billionaire, Xiao Jianhua, was sentenced to 13 years in prison by a Shanghai court court on Friday for bribery, embezzlement, and other financial crimes.
His Tomorrow Holding investment group, which had close ties to Communist Party leaders, was also fined 55 billion yuan (8 billion dollars), according to an order by the First People’s Court.
Xiao, a Canadian passport holder, was detained five years ago at the Four Seasons Hotel in Hong Kong and brought to China.
Since then, no one has seen him.
The court also imposed a personal fine of 6.5 million yuan, showing lenience after he cooperated and pleaded guilty to the charge.
Xiao and Tomorrow Holding bribed state officials with shares, apartments, cash and other property worth 680 million yuan from 2001 to 2021 to evade supervision and receive other improper benefits.’’
The public servants who took bribes were facing separate legal proceedings.
The Canadian embassy attempted to gain access to Xiao in July, but without success.
China does not recognise Xiao’s dual nationality, Foreign Ministry spokesperson Wang Wenbin told reporters in Beijing.
