BEIJING (Reuters) – A Shanghai court said on Friday that it had sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in prison and fined his Tomorrow Holding conglomerate 55.03 billion yuan ($8.09 billion).
The Shanghai First Intermediate Court said that Xiao and Tomorrow had “severely violated financial management order” and “hurt state financial security”.
($1 = 6.8056 Chinese yuan renminbi)
(Reporting by Tony Munroe; Editing by Kim Coghill)
