China sentences tycoon Xiao Jianhua to 13 years, fines his organization $8.1 billion

A Shanghai court on Friday condemned Chinese-Canadian tycoon Xiao Jianhua, not found in broad daylight beginning around 2017, to 13 years in prison and fined his Tomorrow Holdings combination 55.03 billion yuan ($8.1 billion), a record in China.

Xiao and Tomorrow Holdings were accused of illicitly siphoning away open stores, selling out the utilization of depended property, and the unlawful utilization of assets and pay off, the Shanghai First Intermediate Court said.