Chinese-Canadian tycoon Xiao Jianhua, who disappeared from a Hong Kong hotel in 2017, has been sentenced to 13 years in prison, a court said on Friday.
Mr. Xiao was one of the richest men in China at the time of his arrest, with an estimated fortune of $6 billion.
He was specifically found guilty of “embezzlement of public funds” and “illegal use of funds,” according to a press release from the Shanghai Intermediate Court No. 1, where the businessman’s trial was heard.
His disappearance in 2017 caused a stir in Hong Kong.
He is said to be close to the top Chinese communist leaders and was kidnapped by Beijing agents, according to press reports.
Since then, little information about the case had been leaked and Chinese authorities remained silent.
The investigation into Xiao Jianhua appears to be part of a broader anti-corruption campaign launched by Chinese President Xi Jinping after he took office in 2012.
The alleged kidnapping of Mr. Xiao in Hong Kong had taken place at a time when mainland China agents were not allowed to operate in the semi-autonomous area.
Some feared at the time that the city’s residents could be forcibly taken to neighboring mainland China, where the judiciary is largely controlled by the ruling Communist Party.
These fears were at the heart of the pro-democracy protests that rocked Hong Kong in 2019.