Billionaire Xiao Jianhua, founder of Tomorrow Holding in China, has been sentenced to 13 years in prison for financial fraud. About informs Guard.
A court in Shanghai has fined Tomorrow Holding $8.09 billion for allegedly violating China’s financial laws. Also, in addition to the prison sentence, the court fined the entrepreneur $955.8 thousand.
The publication stated that it has been proven that Xiao Jianhua has repeatedly violated local laws, misappropriated large sums of funds, swindled with market securities, and seized the assets of organizations under his control.
Xiao Jianhua was managing the holding of Tomorrow Group, which was established in 1999 and engaged in investment activities. In 2016, the businessman’s fortune is estimated at $ 6 billion.
In mid-August, the Investigative Committee of Russia (TFR) bring out Misappropriation of funds from the sale of more than seven dozen Ford Mondeo cars in the Ministry of Health of the Russian Federation. As part of the investigation into the fraud case, employees of the Federal State Unitary Enterprise Repair and Construction Department of the Ministry of Health of the Russian Federation, a car dealer who had cars at his disposal, and also sold them, were arrested.