According to a report on August 19th, the Shanghai No.1 Intermediate People’s Court sentenced Chinese tycoon and Canadian citizen Xiao Jianhua to 13 years in prison and a fine of 6.5 million yuan. In addition, Tomorrow Holding, which was controlled by Xiao, was fined 55.03 billion yuan.
Xiao disappeared suddenly in Hong Kong in 2017. The Chinese Communist Party (CCP) embassy in Canada revealed that the magnate’s trial had begun in July 2022.
The Shanghai District Court found Xiao guilty of several charges, including receiving deposits from the public without permission and illegally managing funds, on the grounds that he sold investment products as well as illegally raised funds through his company. The court stated in its sentencing grounds that he “disturbed the financial management order and damaged the country’s financial security.”
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