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AP National Business

China jails Canadian tycoon for 13 years for finance crimes

yonkershonda.com / CC BY-SA 2.0
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Published 3:17 AM

By JOE McDONALD
AP Business Writer

BEIJING (AP) — A court says Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 has been sentenced to 13 years in prison for a multibillion-dollar string of financial offenses and his company was fined $8.1 billion. The court in Shanghai says Xiao Jianhua was convicted of misusing billions of dollars of deposits from banks and insurers controlled by his Tomorrow Group and offering bribes to officials. Xiao was fined the equivalent of $950,000. He was last seen at a Hong Kong hotel in January 2017 and was believed to have been taken to the mainland by Chinese authorities.

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