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March 28, 2024
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Chinese Billionaire Xiao Jianhua bags jail time

Xiao Jianhua, a Chinese-Canadian billionaire was given a 13-year prison term in China, and his firm was fined more than $8 billion (£6.7 billion).

According to a Shanghai court, Xiao Jianhua and his business, Tomorrow Holdings, were accused of embezzlement and corruption.

Xiao, who is one of the richest people in China, was last seen being led out of a five-star hotel in Hong Kong in 2017.

Before the Canadian embassy announced that he would go on trial in July, there had been no formal word from him. According to reports, the trial allegedly began on July 4th.

According to a Shanghai court statement cited by AFP, Xiao and his company were found responsible for “illegally absorbing public deposits, breaching confidence in the use of entrusted property… [and] illegal use of funds.” Additionally, it claimed that Tomorrow Holdings had committed the “crime of bribery.”

It also said that Xiao and his company had “seriously broken the financial management order” and “harmed state financial security.”

According to the court, Xiao and his business received a lighter sentence since they entered a guilty plea and worked with law enforcement. In July, the Canadian embassy said that its diplomats were not let into the trial.

When asked on Friday if Xiao, who is a Canadian citizen, could use Canadian consular services, the Chinese foreign ministry said that China did not recognize dual citizenship, so Xiao did not qualify for such privileges.

According to reports, Xiao was well connected to the ruling Communist Party’s upper levels, including President Xi Jinping’s family. The Hurun Report, which ranks China’s wealthiest people, says that by 2016, his net worth had grown to an estimated $6 billion (£4.7 billion).

What happened to Xiao Jianhua?

In 2017, Xiao was taken from the Four Seasons Hotel in Hong Kong, where he was thought to be residing at the time.

His family reported him missing to Hong Kong authorities after he vanished, but they later withdrew the report, claiming they had “regained touch” with Xiao. According to CCTV footage at the location, Xiao did not leave the hotel under coercion, according to Hong Kong police, who would not disclose the clip.

Later, Xiao revealed he was undergoing medical care abroad in a statement that appeared on the main page of a widely read daily. He also praised China’s “rule of law” and insisted that he had not been kidnapped and taken to the Chinese mainland.

Also, his company put out statements saying that he was fine, but they were later taken down.

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