A Shanghai court said on Friday that it had sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in prison and fined his conglomerate Tomorrow Holdings 55 billion yuan.
Xiao and his companies were accused of illegally absorbing public deposits, betraying the use of trusted property, and the illegal use of funds and bribery, the Shanghai First Intermediate Court said. The billionaire was fined 6.5 million yuan for the crimes.
The court said Xiao and Tomorrow had “gravely violated the financial management order” and “impaired the financial security of the state”.
From 2001 to 2021, Xiao and Tomorrow Holdings gave shares, real estate, cash and other assets to government officials totaling more than 680 million yuan (about 516 million reais) to evade financial oversight and pursue illegitimate interests, the official said. court.
The Chinese-born Xiao, known for his ties to the Communist Party of China elite, has not been seen in public since 2017 after he was investigated amid a crackdown by the state conglomerate.
In July 2020, nine of the group’s related institutions were seized by Chinese regulators as part of a crackdown on risks posed by financial conglomerates.
Source: CNN Brasil
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