Billionaire Xiao Jianhua jailed for 13 years in China

Chinese-Canadian's firm fined record 55.03bn yuan on charges including illegally taking funds from public

Xiao Jianhua, a Chinese-Canadian billionaire at the centre of an alleged abduction scandal in Hong Kong in 2017, has been sentenced by a Shanghai court to 13 years in prison and his company fined a record 55.03bn yuan (6.8bn).

Xiao, 50, and his Tomorrow Holdings conglomerate were charged with illegally absorbing public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai first intermediate court said.