Billionaire Xiao Jianhua jailed for 13 years in China

19 August 2022

A Chinese-Canadian billionaire has been sentenced to 13 years in prison in China and his company fined more than $8bn (£6.7bn).

Xiao Jianhua and his company Tomorrow Holdings were charged with embezzlement and bribery, a court in Shanghai said.

Xiao - one of China's richest people - was last seen being whisked away from a luxury hotel in Hong Kong in 2017.

There had been no official word from him since, until the Canadian embassy said in July he would be facing trial.