News Snapshot:
A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a multibillion-dollar string of financial offences and his company was fined $10.5 billion, a court announced. Xiao Jianhua was convicted of misusing billions of dollars of deposits from banks and insurers controlled by his Tomorrow Group and offering bribes to officials, the Shanghai No. 1 Intermediate People's Court said on its social media account. Xiao was fined 6.5 million yuan ($1.24 million Cdn) and his company was fined 55 billion yuan ($10.5 billion Cdn), the court said. Xiao was last...
