On Friday, a court in Shanghai sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in prison and handed Tomorrow Holdings conglomerate $55.03 billion. RMB ($8.1 billion), a record in China.
Xiao and Tomorrow Holdings were charged with illegally siphoning public deposits, betraying the use of entrusted property, and illegally using funds and bribes, the Shanghai First Intermediate Court said.
Both sides admitted to their crimes and cooperated in recovering illegal gains and recovering losses, he added, resulting in less punishment. The Chinese-born Mr. Xiao was last seen being removed from a luxury Hong Kong hotel early in the morning in a wheelchair with a head covering, sources close to the bigwigs say. told Reuters at the time.
Xiao and Tomorrow committed "serious violations of financial management orders" and "undermined the financial stability of the state," the court said, and the big shots were fined an additional 6.5 million yuan.
Between 2001 and 2021, Xiao and Tomorrow provided stocks, real estate, cash and other assets totaling more than RMB 680 million to government officials to evade financial It sought profit, the court said.
In July 2020, nine of the group's affiliates were seized by Chinese regulators as part of a crackdown on the risks posed by financial conglomerates.
Among the nine companies were his four insurers in China: Tianan Property Insurance, Huaxia Life, Tianan Life, Yi'an P&C Insurance, and The New Times Trust. rice field. Co and New China Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures.
The Court found that since 2004, Xiao and Tomorrow have controlled multiple financial institutions and Internet financial platforms, including the failed Baoshang Bank, through multiple layers of indirect shareholders and anonymous ownership. said there is.
Mr Xiao said he used the illicit profits to buy financial institutions, trade securities and invest abroad.
"Because Xiao Jianghua acted commendably, his punishment was reduced according to the law," it said.
When asked at Friday's regular briefing about Xiao's rights to consular access as a Canadian citizen, Chinese Foreign Ministry spokesman Wang Wenbin said Chinese law does allow dual citizenship. Xiao said he did not have such a right because there is no such right.
He reached out to the Canadian Embassy in Beijing for comment, but so far has not received a response. He was not immediately available for comment from Tomorrow Holdings.
