News Snapshot:
A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced on August 19 to 13 years in prison for a multibillion-dollar string of financial offenses and his company was fined $8.1 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. Read: Tomorrow Group | The fall of a red capitalist empire Xiao was fined 6.5 million yuan ($950,000) and his company was fined 55...
