Court sentences billionaire to 13 years imprisonment for financial crimes, fines company $8bn

The First People’s Court on Friday sentenced a Canadian billionaire to 13 years imprisonment for various financial crimes.

A Shanghai court in China, on Friday, sentenced Chinese-born Canadian billionaire Xiao Jianhua to 13 years in prison having been found guilty of bribery, embezzlement, and other financial crimes.

The First People’s Court also fined Xiao Jianhua’s firm, Tomorrow Holding investment group, 55 billion yuan (8 billion dollars). Tomorrow Holding investment group was said to have close ties with the Communist Party leaders.

Xiao, identified to be in possession of a Canadian passport, was said to be detained five years ago at the Four Seasons Hotel in Hong Kong and brought to China for prosecution.

The court further ordered a personal fine of 6.5 million yuan, in leniency, after billionaire Xiao Jianhua pleaded guilty to the charge.

Xiao Jianhua and Tomorrow Holding had “bribed state officials with shares, apartments, cash and other property worth 680 million yuan from 2001 to 2021 in order to evade supervision and receive other improper benefits.’’

The beneficiaries of the bribes were facing separate legal suits.

China’s Foreign Ministry spokesperson, Wang Wenbin, had said in Beijing that China does not recognize Xiao Jianhua dual nationality. Thus, the Canadian embassy was denied access to Xiao Jianhua in July.