The court also fined Xiao 6.5 million yuan ($950,000) and Tomorrow Holdings 55 billion yuan ($8.1 billion).
“The offenses committed by Tomorrow Holdings and Xiao Jianhua have seriously damaged the financial management order, seriously jeopardized the country’s financial security, seriously infringed on the integrity of the team. state officials and should be severely punished according to the law,” the court said.
But it added that Xiao and Tomorrow Holdings had “turned themselves in, confessed to their crimes, and helped recover assets”, thus possibly receiving a more lenient punishment.
Xiao is one of China’s richest men and controls Tomorrow Group, a giant holding company with stakes in banks, insurance companies and real estate developers. According to Hurun, a Chinese wealth analyst, Xiao has a net worth of $6 billion and ranks 32nd on the 2016 rich list, a ranking comparable to the Forbes list.
The court said Xiao and Tomorrow Holdings awarded shares, real estate, cash and other assets to government officials worth about $100 million over the 20 years to 2021.
Xiao, known for his close connections to some of China’s most powerful political families, was detained by Chinese security agents in 2017 from his room at the Four Seasons Hotel in Hong Kong. Kong and taken to Mainland China.
A person familiar with the abduction told CNN there was a small altercation at the hotel between two dozen Chinese security officials and Xiao’s own security detail, usually with about eight bodyguards per shift. The source requested anonymity because of the politically sensitive nature of the case. Xiao has not been seen in public since the incident.
Xiao is one of a number of Chinese tycoons who have moved to Hong Kong and resided in private apartments at the five-star Four Seasons hotel during Xi’s crackdown on corporate overcapacity.
Xiao’s disappearance has sent shockwaves through Hong Kong’s elite business community, where it is widely understood as a signal that the city is no longer out of reach of mainland security apparatus. .
A spokesman for China’s foreign ministry said on Friday that Xiao holds Chinese citizenship and that because China does not recognize dual citizenship, Xiao is not entitled to another country’s consular protection.
CNN’s Kathleen Magramo, Steven Jiang and Katie Hunt contributed to this story.
