China sentences Chinese-Canadian tycoon Xiao to 13 yrs in jail, fines his firm ₹64,500 cr

A Shanghai court has sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan (over ₹64,500 crore). Xiao and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery. Xiao hasn't been seen in public since 2017.