Canadian billionaire Xiao Jianhua has been sentenced to 13 years in prison by a Shanghai court for bribery, embezzlement and other financial crimes. Tomorrow Holding, the investment group of a Chinese-origin financier that had extensive ties to the Communist Party elite, will also have to pay a 55 billion yuan fine, the First People’s Court in the eastern Chinese port city ruled on Friday.
After Advertisement Read more
After Advertisement Read more
The 50-year-old was picked up five years ago at the Four Seasons Hotel in Hong Kong and taken to China – apparently an action by Chinese security guards. Since then, Xiao Jianhua, who holds a Canadian passport, has not been seen. The court imposed a personal fine of 6.5 million yuan ($100,000) on him. They pleaded guilty and were cooperative. So the decision was kind.
Bribe with money and assets worth 98 million euros
From 2001 to 2021, Tomorrow Holding and Xiao Jianhua bribed several state officials with shares, apartments, cash and other assets totaling 680 million yuan ($98 million). The court said the purpose was to evade financial supervision and obtain other “undue advantage”. The civil servants who took the bribe would have to answer for themselves in other proceedings.
After Advertisement Read more
After Advertisement Read more
The court found that the investment group and its owner “violated financial law and supervisory regulations” with their conspiracy. They “severely undermine the financial system and endanger the financial security of the country”. Parts of Tomorrow Holding had already passed into the hands of the state.
In a court hearing in July, the Canadian Embassy unsuccessfully requested access. Foreign Ministry spokesman Wang Wenbin told the press in Beijing that Xiao Jianhua had dual citizenship, which China does not recognize.
rnd/dpa
Download our new RND app for Android and iOS here for free
