China jails Canadian tycoon for 13 years for finance crimes; company fined $8.1 billion
Beijing, Aug 19: A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a multibillion-dollar string of financial offences and his company was fined 8.1 billion, a court announced.
Xiao Jianhua was convicted of misusing billions of dollars of deposits from banks and insurers controlled by his Tomorrow Group and offering bribes to officials, the Shanghai No. 1 Intermediate People's Court said on its social media account.
Xiao was fined 6.5 million yuan ( 950,000) and his company was fined 55 billion yuan ( 8.1 billion), the court said.
Xiao was last seen at a Hong Kong hotel in January 2017 and was believed to have been taken to the mainland by Chinese authorities. News reports later said he was under investigation by anti-graft authorities, but no details were released.
The Canadian government said diplomats were blocked from attending his July 5 trial.
Xiao was deemed to be a Chinese citizen, which meant he wasn't entitled to see Canadian diplomats under a consular treaty between the two governments, Foreign Ministry spokesperson Wang Wenbin said.
That suggested Xiao might have entered the mainland using a Chinese travel document instead of his Canadian passport. Beijing has in other cases refused diplomats access to citizens of their countries who entered using Chinese identity documents.
China does not recognise Chinese citizens with dual nationality. Xiao Jianhua has Chinese nationality, Wang said. He does not enjoy the right to consular protection of other countries.
The Canadian Embassy in Beijing referred a request for comment to the Canadian government in Ottawa.
Tomorrow Group has been linked to a series of anti-corruption prosecutions and seizures of financial companies by regulators.
Friday's announcement said Xiao and Tomorrow Group were convicted of improperly taking more than 311.6 billion yuan ( 46 billion) from the public and misused entrusted property and money totaling 148.6 billion yuan ( 21.8 billion).
Xiao vanished amid a flurry of prosecutions of Chinese businesspeople accused of misconduct.
That fuelled speculation the ruling Communist Party might be abducting people outside the mainland. Hong Kong at that time prohibited Chinese police from operating in the former British colony, which has a separate legal system.
Since then, Beijing has tightened control over Hong Kong, prompting complaints it is violating the autonomy promised when the territory returned to China in 1997. The Communist Party imposed a national security law in Hong Kong in 2020 and has imprisoned pro-democracy activists.
Hong Kong police investigated Xiao's disappearance and said he crossed the border into the mainland. An advertisement in the Ming Pao newspaper in Xiao's name the same week denied he was taken against his will.
At the time of his disappearance, Xiao was worth nearly 6 billion, making him China's 32nd wealthiest person, according to the Hurun Report, which follows the country's wealthy.
In 2020, regulators seized nine companies controlled by Xiao.
That included four insurers, two securities firms, two trust firms and a company involved in financial futures. The business magazine Caixin reported at the time that the seized assets totaled almost 1 billion yuan ( 150 million).
A retired bank regulator, Xue Jining, admitted taking 400 million yuan ( 62 million) in bribes in a corruption case linked to Baoshang Bank Ltd. in the northern region of Inner Mongolia, which regulators seized from Tomorrow in 2019.
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Viral clip shows reckless driving, stunts in Delhi; five arrested
New Delhi (PTI): The Delhi Police has arrested five people after registering an FIR in connection with a viral video that showed a group of men performing dangerous stunts in speeding cars on Delhi roads, an official said on Sunday.
The police also recovered four vehicles allegedly involved in the incident, he said.
The video, which surfaced on social media platform X, showed several cars moving at high speed, swerving and zigzagging through traffic on Ring Road, with some occupants seen standing out of sunroofs and windows while shouting as the vehicles sped past other motorists.
The footage triggered sharp reactions online, with users demanding immediate police action and flagging the serious threat to public safety.
According to police, the video came to notice on December 27 and appeared to have been recorded around 10.44 pm on December 26, when the cars were travelling from the ITO stretch towards Sarai Kale Khan and Noida.
"Considering the seriousness of the matter and concerns related to public safety, cognisance was taken and an FIR was registered under sections of the Bharatiya Nyaya Sanhita and the Motor Vehicles Act," the police in a statement said.
During the course of investigation, five accused people were apprehended on Sunday and four offending vehicles were recovered, he added.
The accused have been identified as Almas Arshad (20), Sarfaraj (26), Mohd Imran Qureshi (23), Mohd Shabbir (23), Saad Abdullah (22), all are residents of Delhi.
The clip had been shared by a social media user who urged authorities to take strict action, saying such "extremely dangerous" driving put the lives of other commuters at serious risk and could lead to fatal accidents.
The video drew strong reactions from several users, some of whom described reckless driving and stunt behaviour as a regular occurrence on Delhi roads, while others pointed to an apparent lack of fear of law enforcement among violators.
Earlier, responding to the post, Delhi Traffic Police acknowledged the complaint and advised the user to formally report the incident for further action. In a subsequent message, the traffic police also said that in such cases, people could contact the nearest police station or dial the emergency number 112 for immediate assistance.
A senior officer said the swift action reflected the commitment of Delhi Police to road safety. "Citizens are requested to follow traffic rules and road safety guidelines to ensure safe movement on roads. Any violation will invite strict legal action," he said.
Police said further investigation is underway to ascertain if any additional people were involved.
📍Delhi: Reckless driving on Ring Road from ITO towards Sarai Kale Khan.
— Deadly Kalesh (@Deadlykalesh) December 27, 2025
Seems like Delhi’s pollution is hitting brains harder than lungs.
Extremely dangerous driving, risking lives on a public road.
📹 10:44 PM | 26 Dec
Strict action needed.
pic.twitter.com/sr2zjjUppJ
