China Tycoon Nabbed in H.K. Gets Prison, $8 Billion Fine
- Tomorrow Holding’s Xiao sentenced to 13 years in prison
- Charge includes taking funds from public illegally, bribery
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China sentenced Chinese-Canadian financier Xiao Jianhua to 13 years in prison and fined his company Tomorrow Holding 55 billion yuan ($8.1 billion), bringing an end to a long-running saga that has seen many of the tycoon’s business interests reined in since he was seized in Hong Kong more than five years ago.
Xiao was found guilty of illegally obtaining public deposits, breach of trust, bribery and the illegal use of funds, according to a ruling by the Shanghai First Intermediate People’s Court on Friday. Xiao used his financial network to offer pooled funds and sell insurance and other investment products, absorbing more than 311.6 billion yuan from the public alone, according to the court.