News Snapshot:
BEIJING (AP) – A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 has been sentenced 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. Xiao was fined 6.5 million yuan ($950,000) and his company was fined 55 billion yuan ($8.1 billion), the court said. Xiao was last...
