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Chinese billionaire jailed for 13 years

todaySeptember 1, 2022 46

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A Chinese court has imposed a prison sentence of 13 years on a Chinese-Canadian millionaire, and the court has also penalised his firm more than $8 billion (£6.7 billion). According to a statement made by a court in Shanghai, Xiao Jianhua and his company, Tomorrow Holdings, have been charged with bribery and embezzlement.


The last time anyone saw Xiao, one of the wealthiest people in China, he was being escorted out of a five-star hotel in Hong Kong in the year 2017. Since then, there had been no formal communication from him, and it wasn’t until July that the Canadian embassy announced that he would be on trial. On July 4th, it was reported that the trial had gotten underway. According to a statement from the Shanghai court that was published by AFP, Xiao and his company were found guilty of “illegally absorbing public deposits, breaching confidence in the use of entrusted property… [and] illegal use of funds.” It also said that Tomorrow Holdings had been guilty of the “crime of bribery.”


Additionally, it stated that Xiao and his company had “gravely breached the financial management order” and “harmed state financial security.” The court noted that Xiao and his company had entered guilty pleas and worked cooperatively with law enforcement; therefore, the court reduced the severity of their sentencing as a result. In July, the Canadian embassy in the United States stated that its diplomats had been prevented from attending the trial. When the Chinese foreign ministry was asked on Friday about Xiao’s right to receive Canadian consular services as a Canadian citizen, they responded by saying that China did not recognize dual citizenship and that Xiao did not have the right to such privileges because she did not qualify for them.


It is believed that Xiao has deep connections to the upper levels of the ruling Communist Party, including connections to the family of President Xi Jinping. His estimated net worth has increased to $6 billion (or £4.7 billion) by 2016, according to the Hurun Report, which compiles a ranking of China’s wealthiest people.

In 2017, Xiao was taken from the Four Seasons Hotel in Hong Kong, where it was believed he was residing at the time. Xiao’s disappearance came as a complete surprise. After he went missing, his family reported him as missing to the authorities in Hong Kong; however, they retracted the claim the next day, stating that they had “regained contact” with Xiao and that he was safe. The Hong Kong police have stated that film taken from security cameras at the location shows that Xiao did not leave the hotel under any form of coercion. Nonetheless, they have declined to disclose the tape. Later, Xiao produced a statement that said he was undergoing medical care outside of China, and the statement was published on the main page of a well-known newspaper. In addition to this, he lauded what is known as the “rule of law” in China and stated that he had not been abducted and brought to the mainland of China. Additionally, statements were issued on his behalf by his employer stating that he was alright. However, these comments were then taken down.

Written by: Relaks Radio

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