Canada: China: The Sino-Canadian billionaire Xiao Jianhua sentenced to 13 years in prison

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Chine-Xiaojianhua: China: The Sino-Canadian billionaire Xiao Jianhua sentenced to 13 years in prison

CHINE: LE MILLIARDAIRE SINO-CANADIEN XIAO JIANHUA CONDAMNÉ À 13 ANS DE PRISON © Reuters/Thomas Peter China: the billionaire Sino-Canadian Xiao Jianhua sentenced to 13 years in prison

Beijing (Reuters)-the billionaire Sino-Canadian Xiao Jianhua, who had disappeared from a hotel in Hong Kong in 2017 and was not seen in public since, has been Sentenced to 13 years in prison and his conglomerate Tomorrow Holdings to a record fine of 55.03 billion yuan (8.02 billion euros), a Shanghai court said on Friday.

Xiao Jianhua and his company were accused of corruption and embezzlement of public funds, said the court according to which the sentence was moderate due to the recognition, by the businessman and Tomorrow Holdings, their crimes and of their cooperation.

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Born in China and known for its links with the elite of the Chinese Communist Party, Xiao Jianhua was last seen in the early morning in 2017 in a luxury hotel in Hong Kong. His head was covered and was transported in a wheelchair, a source close to the magnate had told Reuters.

Xiao Jianhua was also sentenced to a fine of 6.5 million yuan.

According to the court, from 2001 to 2021, Xiao Jianhua and his company gave shares, real estate, liquid money and other assets to civil servants for a total amount of more than 680 million yuan, in order to To escape financial surveillance and seek illegitimate advantages, said the court.

In July 2020, nine of the groups linked to the group were seized by Chinese regulators as part of a repression of the risks posed by the financial conglomerates.

The Canada Embassy in Beijing did not respond to a comment request and Tomorrow Holdings could not be joined immediately.

(Tony Munroe reports, Ziyi Tang and editorial staff of Beijing; French version Elena Vardon, edited by Kate Entringer)

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