Xiao Jianhua

China sentenced Chinese-Canadian financier Xiao Jianhua to 13 years in prison and fined his company Tomorrow Holding 55 billion yuan ($8.1 billion), ...

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. Xiao was found guilty of illegally obtaining public deposits, breach of trust, bribery and the illegal use of funds, according to a 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.

Prison term for Tomorrow Group founder comes with an $8bn fine for the company.

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Xiao Jianhua and his company Tomorrow Holdings were charged with embezzlement and bribery, a court in Shanghai said. Xiao - one of China's richest people - was ...

Xiao later issued a statement that was run on the front page of a popular newspaper saying he was receiving medical treatment abroad. He also praised the "rule of law" in China and said that he had not been kidnapped and taken to the Chinese mainland. [and] illegal use of funds," a statement from the Shanghai court quoted by AFP said. The court said Xiao and his company had pleaded guilty and had cooperated with authorities and so their punishment was mitigated. It also said Tomorrow Holdings was guilty of the "crime of bribery". It added that Xiao and his firm had "severely violated the financial management order" and "hurt state financial security".

Xiao was also fined 6.5 million yuan (S$1.32 million). Read more at straitstimes.com.

“The lack of transparency in Mr. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures. But it acknowledged his attempts to make amends.

A court in Shanghai sentenced the billionaire for financial crimes, five years after he vanished from the Four Seasons hotel in Hong Kong.

Described in the domestic press as a prodigy who tested in early to China’s elite Peking University, Xiao once said he wanted to build a Chinese equivalent of investment banking giant J.P. His family wealth was estimated at around $5.8 billion in 2016 by the Hurun Report, a ranking of China’s wealthy. Xiao is one of a string of business tycoons who have met their downfalls in an anti-corruption campaign launched by China’s leader, Xi Jinping. Chinese authorities confirmed much later that he was in their custody. The Canadian Embassy said at the time that its representatives were denied access to the proceedings. Shanghai Number 1 Intermediate People’s Court announced the verdict on Friday on its official social media account.

The court said that Xiao and Tomorrow had "severely violated financial management order" and "hurt state financial security."

The court said that Xiao and Tomorrow had "severely violated financial management order" and "hurt state financial security." - The court said that Xiao and Tomorrow had "severely violated financial management order" and "hurt state financial security." - Xiao and his Tomorrow Holdings were charged with illegally absorbing public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai First Intermediate Court said.

The sentence marks the end of one of the highest-profile cases in China's years-long crackdown on risks in the country's 382 trillion yuan financial system. You ...

A Shanghai court sentenced Chinese-Canadian business tycoon Xiao Jianhua 13 years in prison on Friday and fined Update: Chinese Tycoon Xiao Jianhua Sentenced to 13 Years in Prison, Conglomerate Fined $8 Billion Ltd.](https://www.caixinglobal.com/2020-07-22/five-things-to-know-about-the-dismantling-of-xiao-jianhuas-tomorrow-holding-101583306.html), the financial conglomerate he once controlled, 55 billion yuan ($8.1 billion).