The court fined his conglomerate Tomorrow Holdings Co, spanning insurance, brokerage, mining and other interests, a record 55.03 billion yuan ($8.1 billion).
Jianhua reportedly disappeared from a luxury hotel in Hong Kong under mysterious circumstances five years ago.
He was allegedly abducted from The Four Seasons Hotel, Hong Kong in January 2017. He was allegedly abducted by plainclothes Chinese security agents, who at the time were not permitted to operate in Hong Kong.
He was then taken across the border into China, possibly by boat to avoid immigration checks, according to The New York Times.
At the time, Hong Kong police said that he had crossed the border into mainland China. His company also said that he was on the mainland.
What Are The Charges His Conglomerate Is Facing?
Jianhua and his Tomorrow Holdings were charged with illegally absorbing public deposits, the illegal use of funds and bribery, and the use of entrusted property.
The court said that Xiao and Tomorrow had "severely violated financial management order" and "hurt state financial security," according to Moneycontrol.
It added that between 2001 and 2021, Jianhua and his conglomerate gave shares, real estate, cash and other assets to government officials totalling more than 680 million yuan, to escape financial supervision and seek illegitimate interests.
More About Xiao Jianhua
In 2016, Jianhua ranked 32nd on the Hurun China Rich List and his net worth was estimated at $6 billion before his empire was brought down by Beijing amid his downfall five years ago.
In 2014, a report by The New York Times said a review of corporate records showed Jianhua had business links with Chinese President Xi Jinping’s sister and brother-in-law, as well as the son-in-law of powerful former state leader Jia Qinglin.
(With inputs from The New York Times, The Guardian and Moneycontrol.)
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