Chinese-Canadian Billionaire Sentenced to Prison

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A Shanghai Court has sentenced Chinese-Canadian Billionaire Xiao Jianhua to 13 years in prison.

According to the Shanghai First Intermediate Court, Xiao and his Tomorrow Holdings were charged with illegally absorbing public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery.

The Court, however, fined Xiao $954,655 for the crimes.

Written by: Helen Obih

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