China Sentences Tycoon Xiao Jianhua To 13 Years And Fines His Company 8.1 Billion

Sign up now for FREE unlimited access to Reuters.com Register BEIJING, Aug 19 (Reuters) – A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, who has not appeared in public since 2017, to 13 years in prison and fined the group 55.03 billion yuan ($8.1 billion) Tomorrow Holdings. China. Xiao and Tomorrow Holdings were charged with illegally withdrawing public deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. He added that the sentence was reduced because both had admitted their crimes and cooperated in recovering ill-gotten gains and repairing damages. Sign up now for FREE unlimited access to Reuters.com Register Chinese-born Xiao, known to have ties to China’s Communist Party elite, was last seen leaving a luxury hotel in Hong Kong in a wheelchair in the early hours of the morning with his head covered, he told Reuters at the time. source from the tycoon’s environment. Xiao and Tomorrow “seriously violated a financial management order” and “hurt the financial security of the state”, the court said, with the tycoon being fined an additional 6.5 million yuan for the crimes. From 2001 to 2021, Xiao and Tomorrow gave shares, real estate, cash and other assets to government officials totaling more than 680 million yuan to evade financial supervision and seek illegal benefits, the court said. In July 2020, nine of the group’s affiliated institutions were seized by Chinese regulators as part of a crackdown on the risks posed by financial conglomerates. read more Among the nine companies were four insurers – Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co – as well as New Times Trust Co and New China Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures. The court said that since 2004, Xiao and Tomorrow controlled several financial institutions and Internet financial platforms, including the failed Baoshang Bank, through multiple layers of indirect shareholders and anonymous ownership. He said Xiao used the illegal profits to acquire financial institutions, trade securities and invest overseas. But he acknowledged his efforts to make amends. “Xiao Jianhua has taken commendable actions, so he was given a lenient punishment according to the law,” it said. When asked about Xiao’s right to consular access as a Canadian citizen during a regular briefing on Friday, Chinese Foreign Ministry spokesman Wang Wenbin said that because Chinese law does not recognize dual citizenship, Xiao had no such rights. The Canadian embassy in Beijing did not immediately respond to a request for comment. Tomorrow Holdings could not immediately be reached for comment. ($1 = 6.8056 Chinese Yuan Renminbi) Sign up now for FREE unlimited access to Reuters.com Register Reporting by Tony Munroe, Ziyi Tang, Ryan Woo, Ellen Zhang, Eduardo Baptista and Meg Shen. Editing by Kim Coghill and Stephen Coates Our Standards: The Thomson Reuters Trust Principles.

title: “China Sentences Tycoon Xiao Jianhua To 13 Years And Fines His Company 8.1 Billion Klmat” ShowToc: true date: “2022-11-02” author: “Mary Ferry”

Sign up now for FREE unlimited access to Reuters.com Register BEIJING, Aug 19 (Reuters) – A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, who has not appeared in public since 2017, to 13 years in prison and fined the group 55.03 billion yuan ($8.1 billion) Tomorrow Holdings. China. Xiao and Tomorrow Holdings were charged with illegally withdrawing public deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. He added that the sentence was reduced because both had admitted their crimes and cooperated in recovering ill-gotten gains and repairing damages. Sign up now for FREE unlimited access to Reuters.com Register Chinese-born Xiao, known to have ties to China’s Communist Party elite, was last seen leaving a luxury hotel in Hong Kong in a wheelchair in the early hours of the morning with his head covered, he told Reuters at the time. source from the tycoon’s environment. Xiao and Tomorrow “seriously violated a financial management order” and “hurt the financial security of the state”, the court said, with the tycoon being fined an additional 6.5 million yuan for the crimes. From 2001 to 2021, Xiao and Tomorrow gave shares, real estate, cash and other assets to government officials totaling more than 680 million yuan to evade financial supervision and seek illegal benefits, the court said. In July 2020, nine of the group’s affiliated institutions were seized by Chinese regulators as part of a crackdown on the risks posed by financial conglomerates. read more Among the nine companies were four insurers – Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co – as well as New Times Trust Co and New China Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures. The court said that since 2004, Xiao and Tomorrow controlled several financial institutions and Internet financial platforms, including the failed Baoshang Bank, through multiple layers of indirect shareholders and anonymous ownership. He said Xiao used the illegal profits to acquire financial institutions, trade securities and invest overseas. But he acknowledged his efforts to make amends. “Xiao Jianhua has taken commendable actions, so he was given a lenient punishment according to the law,” it said. When asked about Xiao’s right to consular access as a Canadian citizen during a regular briefing on Friday, Chinese Foreign Ministry spokesman Wang Wenbin said that because Chinese law does not recognize dual citizenship, Xiao had no such rights. The Canadian embassy in Beijing did not immediately respond to a request for comment. Tomorrow Holdings could not immediately be reached for comment. ($1 = 6.8056 Chinese Yuan Renminbi) Sign up now for FREE unlimited access to Reuters.com Register Reporting by Tony Munroe, Ziyi Tang, Ryan Woo, Ellen Zhang, Eduardo Baptista and Meg Shen. Editing by Kim Coghill and Stephen Coates Our Standards: The Thomson Reuters Trust Principles.

title: “China Sentences Tycoon Xiao Jianhua To 13 Years And Fines His Company 8.1 Billion Klmat” ShowToc: true date: “2022-10-24” author: “Geraldine Boyle”

Sign up now for FREE unlimited access to Reuters.com Register BEIJING, Aug 19 (Reuters) – A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, who has not appeared in public since 2017, to 13 years in prison and fined the group 55.03 billion yuan ($8.1 billion) Tomorrow Holdings. China. Xiao and Tomorrow Holdings were charged with illegally withdrawing public deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. He added that the sentence was reduced because both had admitted their crimes and cooperated in recovering ill-gotten gains and repairing damages. Sign up now for FREE unlimited access to Reuters.com Register Chinese-born Xiao, known to have ties to China’s Communist Party elite, was last seen leaving a luxury hotel in Hong Kong in a wheelchair in the early hours of the morning with his head covered, he told Reuters at the time. source from the tycoon’s environment. Xiao and Tomorrow “seriously violated a financial management order” and “hurt the financial security of the state”, the court said, with the tycoon being fined an additional 6.5 million yuan for the crimes. From 2001 to 2021, Xiao and Tomorrow gave shares, real estate, cash and other assets to government officials totaling more than 680 million yuan to evade financial supervision and seek illegal benefits, the court said. In July 2020, nine of the group’s affiliated institutions were seized by Chinese regulators as part of a crackdown on the risks posed by financial conglomerates. read more Among the nine companies were four insurers – Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co – as well as New Times Trust Co and New China Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures. The court said that since 2004, Xiao and Tomorrow controlled several financial institutions and Internet financial platforms, including the failed Baoshang Bank, through multiple layers of indirect shareholders and anonymous ownership. He said Xiao used the illegal profits to acquire financial institutions, trade securities and invest overseas. But he acknowledged his efforts to make amends. “Xiao Jianhua has taken commendable actions, so he was given a lenient punishment according to the law,” it said. When asked about Xiao’s right to consular access as a Canadian citizen during a regular briefing on Friday, Chinese Foreign Ministry spokesman Wang Wenbin said that because Chinese law does not recognize dual citizenship, Xiao had no such rights. The Canadian embassy in Beijing did not immediately respond to a request for comment. Tomorrow Holdings could not immediately be reached for comment. ($1 = 6.8056 Chinese Yuan Renminbi) Sign up now for FREE unlimited access to Reuters.com Register Reporting by Tony Munroe, Ziyi Tang, Ryan Woo, Ellen Zhang, Eduardo Baptista and Meg Shen. Editing by Kim Coghill and Stephen Coates Our Standards: The Thomson Reuters Trust Principles.

title: “China Sentences Tycoon Xiao Jianhua To 13 Years And Fines His Company 8.1 Billion Klmat” ShowToc: true date: “2022-10-23” author: “Casey Reyes”

Sign up now for FREE unlimited access to Reuters.com Register BEIJING, Aug 19 (Reuters) – A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, who has not appeared in public since 2017, to 13 years in prison and fined the group 55.03 billion yuan ($8.1 billion) Tomorrow Holdings. China. Xiao and Tomorrow Holdings were charged with illegally withdrawing public deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. He added that the sentence was reduced because both had admitted their crimes and cooperated in recovering ill-gotten gains and repairing damages. Sign up now for FREE unlimited access to Reuters.com Register Chinese-born Xiao, known to have ties to China’s Communist Party elite, was last seen leaving a luxury hotel in Hong Kong in a wheelchair in the early hours of the morning with his head covered, he told Reuters at the time. source from the tycoon’s environment. Xiao and Tomorrow “seriously violated a financial management order” and “hurt the financial security of the state”, the court said, with the tycoon being fined an additional 6.5 million yuan for the crimes. From 2001 to 2021, Xiao and Tomorrow gave shares, real estate, cash and other assets to government officials totaling more than 680 million yuan to evade financial supervision and seek illegal benefits, the court said. In July 2020, nine of the group’s affiliated institutions were seized by Chinese regulators as part of a crackdown on the risks posed by financial conglomerates. read more Among the nine companies were four insurers – Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co – as well as New Times Trust Co and New China Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures. The court said that since 2004, Xiao and Tomorrow controlled several financial institutions and Internet financial platforms, including the failed Baoshang Bank, through multiple layers of indirect shareholders and anonymous ownership. He said Xiao used the illegal profits to acquire financial institutions, trade securities and invest overseas. But he acknowledged his efforts to make amends. “Xiao Jianhua has taken commendable actions, so he was given a lenient punishment according to the law,” it said. When asked about Xiao’s right to consular access as a Canadian citizen during a regular briefing on Friday, Chinese Foreign Ministry spokesman Wang Wenbin said that because Chinese law does not recognize dual citizenship, Xiao had no such rights. The Canadian embassy in Beijing did not immediately respond to a request for comment. Tomorrow Holdings could not immediately be reached for comment. ($1 = 6.8056 Chinese Yuan Renminbi) Sign up now for FREE unlimited access to Reuters.com Register Reporting by Tony Munroe, Ziyi Tang, Ryan Woo, Ellen Zhang, Eduardo Baptista and Meg Shen. Editing by Kim Coghill and Stephen Coates Our Standards: The Thomson Reuters Trust Principles.