A Chinese-Canadian millionaire was sentenced to 13 years in prison and his corporation was fined over $8 billion (£6.7 billion) in China.
A Shanghai court indicted Xiao Jianhua and his company Tomorrow Holdings with embezzlement and bribery.
In 2017, Xiao, one of China’s wealthiest individuals, was last seen being carried away from a luxurious hotel in Hong Kong.
Since then, there has been no formal communication from him until the Canadian embassy announced in July that he would be facing prosecution.
The trial was said to have begun on July 4.
Xiao and his company were found guilty of “illegally absorbing public deposits, breaching confidence in the use of entrusted property… and illegal use of funds,” according to an AFP-quoted statement from a Shanghai court. It also stated that Tomorrow Holdings was guilty of “bribery.”
In addition, it stated that Xiao and his company had “gravely breached the financial management order” and “threatened state financial security.”
The court ruled that Xiao and his company’s punishment was lessened due to their guilty plea and cooperation with authorities.
The Canadian embassy reported in July that its diplomats were denied entry to the trial.
China’s foreign ministry stated on Friday, in response to a question about Xiao’s entitlement to receive Canadian consular services as a Canadian citizen, that China does not recognize dual citizenship and so Xiao is not entitled to such privileges.
According to reports, Xiao had deep ties to the upper levels of the ruling Communist Party, including the family of President Xi Jinping.
According to the Hurun Report, a ranking of China’s wealthiest individuals, his estimated net worth in 2016 was $6 billion (£4.7 billion).
What took place with Xiao Jianhua?
In 2017, Xiao was reportedly abducted from the Four Seasons Hotel in Hong Kong, where he was living at the time.
After he vanished, his family filed a missing person’s complaint with Hong Kong authorities, but a day later, they retracted it, stating that they had “regained touch” with Xiao.
Hong Kong police stated that CCTV footage at the location demonstrated that Xiao did not leave the hotel under coercion, but they declined to disclose the tape.
Later, Xiao issued a statement that was published on the front page of a prominent daily indicating that he was seeking medical treatment abroad. He also complimented China’s “rule of law” and stated that he was not kidnapped and brought to the Chinese mainland.
Additionally, his company issued statements on his behalf claiming he was in good health, which were afterward removed.
