Chinese court fines conglomerate Tomorrow Holding $8.09 billion

The Shanghai No. 1 Intermediate People's Court sentenced billionaire Xiao Jianhua to 13 years in prison on Friday, and also fined him 6.5 million yuan ($962,500) and his embattled company Tomorrow Holding 55.03 billion yuan ($8.09 billion).

He and his company committed crimes including illegal fundraising, illegal use of fund and bribery, the court said. 

It said that Xiao and his company severely violated financial management orders and jeopardized national financial security.

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