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Vanished Chinese-Canadian Billionaire Sentenced to 13 Years in Prison

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Xiao Jianhua, a Canadian-Chinese billionaire whose abduction from Hong Kong 5 years in the past despatched shock waves via China’s enterprise neighborhood, was sentenced to 13 years in jail by a Shanghai court after pleading responsible to costs together with graft and unlawful dealing with of funds.

Mr. Xiao used the corporate he based, Tomorrow Group, to pay bribes to unnamed authorities officers totaling round $100 million over 20 years, in accordance to a press release from the Shanghai No. 1 Intermediate People’s Court launched on Friday via state media. It mentioned Mr. Xiao used firms he managed to illegally acquire greater than $45 billion in public deposits.



Source: www.wsj.com

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