Billionaires Whose Cash Couldn't Save Them From Serving Time

Canadian-born Chinese language billionaire Xiao Jianhua was notoriously faraway from the 4 Seasons lodge in Hong Kong in 2017, after being arrested for embezzlement and bribery. Xiao is the founding father of Tomorrow Holdings, a distinguished Chinese language umbrella firm with a give attention to numerous industries: banking, actual property, and healthcare. Tomorrow Holdings and Xiao have been concerned in investments and acquisitions with a few of China’s main monetary corporations, which allowed them to play an enormous position within the nation’s monetary panorama within the early to mid-2000s. By 2016, Jianhua had a web price of virtually $6 billion, however his world was about to disintegrate.

In 2017, Xiao was charged with “illegally siphoning away public deposits, betraying the usage of entrusted property, and the unlawful use of funds and bribery,” based on NBC Information. This was why he was seen being forcibly faraway from the 4 Seasons lodge in 2017, and he wasn’t seen in public till his 2020 court docket date. He was sentenced to 13 years in jail, and Tomorrow Holdings was fined 55 billion yuan. It was revealed that beginning in 2001, he gave shares (actual property, money, and different property) to authorities officers as bribes to be able to profit himself and the corporate. Xiao admitted to all of his crimes and gave the impression to be remorseful, which helped his case and sentencing in court docket.