China prosecutes billionaire who once owned a $6 billion business empire

If convicted, the defendant is sentenced to 3-10 years in prison under Chinese criminal law.

However, a court in Wenzhou, eastern China, in 2013 sentenced a woman to death for “defrauding investors” of more than 570 million yuan ($85 million).

Chinese authorities have begun the trial of a Canadian businessman of Chinese origin for allegedly illegally collecting deposits.

“The Canadian Ministry of Foreign Affairs is aware that the trial of Canadian citizen Xiao Jianhua took place on July 4,” the Canadian Embassy in Beijing said in a statement.

“Canadian officials are closely monitoring the case, providing consular services to his family and urging consular access.”

At a press conference on July 4, Chinese Foreign Ministry spokesman Zhao Lap kien said he was not aware of the trial of businessman Xiao Jianhua.