News Karnataka
Monday, October 03 2022
Asia

Beijing: Chinese court sentences Canadian billionaire to 13 years plus fines

Islamic Jihad leader charged in Israeli military court
Photo Credit : IANS

Beijing: Chinese-born Canadian billionaire Xiao Jianhua was sentenced to 13 years in prison by a Shanghai court on Friday for bribery, embezzlement and other financial crimes.

His Tomorrow Holding investment group, which had close ties to Communist Party leaders, was also fined 55 billion yuan ($8 billion), according to an order by the First People’s Court.

Xiao, a Canadian passport-holder, was detained five years ago at the Four Seasons Hotel in Hong Kong and brought to China, reports dpa news agency.

He has not been seen since.

The court also imposed a personal fine of 6.5 million yuan, showing lenience after he cooperated and pleaded guilty to the charges.

Xiao and Tomorrow Holding bribed state officials with shares, apartments, cash and other property worth 680 million yuan from 2001 to 2021 in order to evade supervision and receive other “improper benefits”, according to the court.

The public servants who took bribes are facing separate legal proceedings.

The Canadian embassy sought access to Xiao in July without success.

China does not recognise Xiao’s dual nationality, Foreign Ministry spokesperson Wang Wenbin told reporters in Beijing.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp