China Hits Fugitive Tycoon’s Company With $8.7 Billion Fine

A Chinese court levied a 60 billion yuan ($8.7 billion) fine against a company controlled by tycoon-in-exile Guo Wengui, escalating the financial squeeze facing the outspoken Communist Party critic.

The Dalian Intermediate People’s Court found Beijing Zenith Holdings Co. and two individuals guilty Oct. 12 of coercing investors into a series of transactions between 2008 and 2014 that allowed Guo to gain control of a local securities brokerage. One of those defendants and three others were also found to have misappropriated 2 billion yuan. While some of the illicit gains have been recovered, the court said it will seek to ...