China jails Canadian tycoon for 13 years for finance crimes

Xiao Jianhua was convicted of misusing billions of dollars of deposits from banks and insurers controlled by his Tomorrow Group and offering bribes to officials, the Shanghai No. 1 Intermediate People’s Court said on its social media account.Xiao was last seen at a Hong Kong hotel in January 2017 and was believed to have been taken to the mainland by Chinese authorities. News reports later said he was under investigation by anti-graft authorities, but no details were released.

“China does not recognize Chinese citizens with dual nationality. Xiao Jianhua has Chinese nationality,” Wang said. “He does not enjoy the right to consular protection of other countries.”Advertisement 4Tomorrow Group has been linked to a series of anti-corruption prosecutions and seizures of financial companies by regulators.

Since then, Beijing has tightened control over Hong Kong, prompting complaints it is violating the autonomy promised when the territory returned to China in 1997. The Communist Party imposed a national security law in Hong Kong in 2020 and has imprisoned pro-democracy activists.Article content

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China jails Canadian tycoon for 13 years for finance crimesA Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a multibillion-dollar string of financial offenses and his company was fined US$8.1 billion, a court announced. Need to start doing that here.
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China jails Canadian tycoon for 13 years for finance crimesXiao Jianhua was last seen at a Hong Kong hotel in January 2017. At the time of his disappearance, he was worth nearly $6 billion
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