A Chinese-Canadian billionaire has been sentenced to 13 years in prison in China and his company fined more than $8bn. Xiao – one of China’s richest people – was last seen being whisked away from a luxury hotel in Hong Kong in 2017. Xiao Jianhua and his company Tomorrow Holdings were charged with embezzlement and bribery, a court in Shanghai said. The court said Xiao and his company had pleaded guilty and had cooperated with authorities and so their punishment was mitigated. Is this an example to be copied by developing nations ?

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