Chinese Court Jails Billionaire, Fines His Firm Over $8B For Bribery, Illegal Fundraising

A court in China on Friday sentenced a billionaire to 13 years in prison for his company's illegal fundraising, illegal use of funds, and bribery, and imposed a fine of billions of dollars.

Tomorrow Holding owner Xiao Jianhua was sentenced to 13 years in jail and fined 6.5 million yuan (about $962,500), while his embattled company was penalized 55.03 billion yuan (about $8.09 billion), state-run CGTN reported.

The court said Xiao and his company engaged in illegal fundraising, illegal use of funds and bribery.

"Xiao and his company severely violated financial management orders and jeopardized national financial security," the court said. -