Xiao Jianhua, a Canadian-Chinese billionaire whose abduction from Hong Kong five years ago sent shock waves through China’s business community, was sentenced to 13 years in prison by a Shanghai court.
Mr.
Xiao used the company he founded, Tomorrow Group, to pay bribes to unnamed government officials totaling around $100 million over 20 years, according to a statement from the Shanghai No. 1 Intermediate People’s Court released on Friday through state media. It said Mr. Xiao used companies he controlled to illegally collect more than $45 billion in public deposits.
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