A court in Shanghai sentenced Chinese-born Canadian billionaire Xiao Jianhua on Friday to 13 years in prison for financial crimes, five years after he vanished from the Four Seasons hotel in Hong Kong.
in Hong Kong in a suspected abduction by Chinese security agents in 2017, his case has been a focus for observers of Chinese Communist Party factional intrigue following reports that Tomorrow Holding, the investment group he founded, had links to the relatives of high-powered former officials.
Shanghai Number 1 Intermediate People’s Court announced the verdict on Friday on its official social media account. As well as the prison sentence for Xiao, it included a personal fine of 6.5 million yuan , while Tomorrow Holding was fined 55.03 billion yuan .
Xiao, who holds a Canadian passport, was tried in a closed-door hearing in July. The Canadian Embassy said at the time that its representatives were denied consular access.
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