Vanished Chinese-Canadian Billionaire Sentenced to 13 Years in Prison

Xiao Jianhua, a Canadian-Chinese billionaire whose abduction from Hong Kong five years ago sent shock waves through China’s business community, was sentenced to 13 years in prison by a Shanghai court after pleading guilty to charges including graft and illegal handling of funds.

Mr. Xiao used the company he founded, Tomorrow Group, to pay bribes to unnamed government officials totaling around $100 million over 20 years, according to a statement from the Shanghai No. 1 Intermediate People’s Court released on Friday through state media. It said Mr. Xiao used companies he controlled to illegally collect more than $45 billion in public deposits.

Continue Reading →

This article was written by and originally published on www.wsj.com