China court sentences Chinese-Canadian billionaire Xiao to 13 years in prison

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)

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