China sentences tycoon Xiao Jianhua to 13 years, fines his company $8.1b

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BEIJING, Aug 20 — A Shanghai court yesterday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan (RM36.1 billion), a record in China.Xiao and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai First Intermediate Court said.It added the punishment was mitigated because both had admitted their crimes and cooperated in recovering illegal gains and in restoring losses.China-born Xiao, known to have links to China’s Communist Party elite, was last seen whisked away in a wheelchair from a luxury Hong Kong hotel in the early hours with his head covered, a source close to the tycoon told Reuters at the time.Xiao and Tomorrow have “severely violated a…