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BEIJING, August 19 (TMTPOST) -- The Shanghai First Intermediate Court on Friday meted out a fine of RMB 55.03 billion ($8.14 billion) to defendant Tomorrow Holdings on several counts and sentenced Xiao Jianhua to 13 years in prison with a fine of RMB 6.5 million ($961 thousand).

Tomorrow Holdings and Xiao were also ordered to return the illegal proceeds of the above crimes and related illegal gains.

The court held a public hearing on July 4, 2022 on the case of Tomorrow Holdings and Xiao regarding the crimes of illegal absorption of public deposits, breach of trust in the use of entrusted property, illegal use of funds and bribery.

Xiao was the de facto controller of Tomorrow Holdings, which was incorporated in 1999. Since 2004, Xiao and Tomorrow Holdings have used diversified shareholdings, layered holdings, and incognito holdings to effectively control several financial institutions and Internet financial platforms, including New Times Trust Co., Ltd., in violation of national financial laws and regulatory provisions.

From January 2010 to January 2017, Tomorrow Holdings and Xiao illegally absorbed funds from the public totaling RMB 311.6 billion ($46.09 billion) by using a number of companies under their actual control as financing and guarantee entities.

From July 2012 to January 2017, Tomorrow Holdings and Xiao used customer funds and property entrusted to them without authorization for a total of RMB 148.6 billion ($21.97 billion).

From November 2013 to January 2017, Tomorrow Holdings and Xiao illegally used funds totaling more than RMB 190.9 billion ($28.23 billion).

The court said that the acts of the defendants -- Tomorrow Holdings and Xiao-- constituted the crimes of illegal absorption of public deposits, breach of trust in the use of entrusted property, unlawful use of funds, and bribery, and should be punished on several counts.

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