Billionaire Xiao Jianhua Sentenced To 13 Years In Prison In China China

Xiao, 50, and his Tomorrow Holdings group were charged with illegally embezzling government deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. Xiao was also fined 6.5 million yuan for the crimes, the Shanghai court said, accusing him and Tomorrow of “serious violation of the financial management order” and “harming the state’s financial security.” 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 interests, the court said. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Born in China and educated at the country’s top institution, Peking University, Xiao was known to have ties to the country’s Communist Party elite. However, he has not appeared publicly since 2017, following his investigation amid a government crackdown on conglomerates. An reclusive figure, Xiao’s vast business fortunes were upended in January 2017 when he was kicked out of Hong Kong’s Four Seasons Hotel in a wheelchair, allegedly by plainclothes Chinese security agents who were then not allowed to operate in Hong Kong. He was taken across the border to China, possibly by boat to avoid immigration controls, according to a New York Times report. Hong Kong police said at the time that he had crossed the border into mainland China. Tomorrow he also said that he was in the mainland. Still, the episode shocked Hong Kong at a time of increased influence from Beijing. Two years earlier, five Hong Kong booksellers disappeared from various locations in Asia and reappeared in mainland China. In the years since his disappearance, Xiao’s business empire had been restructured. 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. A few months later, state-owned investment firm China Chengtong Holdings Group said it would acquire a majority stake in a securities firm linked to Tomorrow Group. But news of Xiao’s fate didn’t begin to emerge until this year. Last month he finally went on trial, more than five years after his alleged abduction.

title: “Billionaire Xiao Jianhua Sentenced To 13 Years In Prison In China China Klmat” ShowToc: true date: “2022-11-24” author: “Robert Armstrong”

Xiao, 50, and his Tomorrow Holdings group were charged with illegally embezzling government deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. Xiao was also fined 6.5 million yuan for the crimes, the Shanghai court said, accusing him and Tomorrow of “serious violation of the financial management order” and “harming the state’s financial security.” 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 interests, the court said. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Born in China and educated at the country’s top institution, Peking University, Xiao was known to have ties to the country’s Communist Party elite. However, he has not appeared publicly since 2017, following his investigation amid a government crackdown on conglomerates. An reclusive figure, Xiao’s vast business fortunes were upended in January 2017 when he was kicked out of Hong Kong’s Four Seasons Hotel in a wheelchair, allegedly by plainclothes Chinese security agents who were then not allowed to operate in Hong Kong. He was taken across the border to China, possibly by boat to avoid immigration controls, according to a New York Times report. Hong Kong police said at the time that he had crossed the border into mainland China. Tomorrow he also said that he was in the mainland. Still, the episode shocked Hong Kong at a time of increased influence from Beijing. Two years earlier, five Hong Kong booksellers disappeared from various locations in Asia and reappeared in mainland China. In the years since his disappearance, Xiao’s business empire had been restructured. 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. A few months later, state-owned investment firm China Chengtong Holdings Group said it would acquire a majority stake in a securities firm linked to Tomorrow Group. But news of Xiao’s fate didn’t begin to emerge until this year. Last month he finally went on trial, more than five years after his alleged abduction.

title: “Billionaire Xiao Jianhua Sentenced To 13 Years In Prison In China China Klmat” ShowToc: true date: “2022-11-07” author: “Andrea Winesett”

Xiao, 50, and his Tomorrow Holdings group were charged with illegally embezzling government deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. Xiao was also fined 6.5 million yuan for the crimes, the Shanghai court said, accusing him and Tomorrow of “serious violation of the financial management order” and “harming the state’s financial security.” 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 interests, the court said. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Born in China and educated at the country’s top institution, Peking University, Xiao was known to have ties to the country’s Communist Party elite. However, he has not appeared publicly since 2017, following his investigation amid a government crackdown on conglomerates. An reclusive figure, Xiao’s vast business fortunes were upended in January 2017 when he was kicked out of Hong Kong’s Four Seasons Hotel in a wheelchair, allegedly by plainclothes Chinese security agents who were then not allowed to operate in Hong Kong. He was taken across the border to China, possibly by boat to avoid immigration controls, according to a New York Times report. Hong Kong police said at the time that he had crossed the border into mainland China. Tomorrow he also said that he was in the mainland. Still, the episode shocked Hong Kong at a time of increased influence from Beijing. Two years earlier, five Hong Kong booksellers disappeared from various locations in Asia and reappeared in mainland China. In the years since his disappearance, Xiao’s business empire had been restructured. 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. A few months later, state-owned investment firm China Chengtong Holdings Group said it would acquire a majority stake in a securities firm linked to Tomorrow Group. But news of Xiao’s fate didn’t begin to emerge until this year. Last month he finally went on trial, more than five years after his alleged abduction.

title: “Billionaire Xiao Jianhua Sentenced To 13 Years In Prison In China China Klmat” ShowToc: true date: “2022-11-16” author: “Mario Simpson”

Xiao, 50, and his Tomorrow Holdings group were charged with illegally embezzling government deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said. Xiao was also fined 6.5 million yuan for the crimes, the Shanghai court said, accusing him and Tomorrow of “serious violation of the financial management order” and “harming the state’s financial security.” 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 interests, the court said. Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. Born in China and educated at the country’s top institution, Peking University, Xiao was known to have ties to the country’s Communist Party elite. However, he has not appeared publicly since 2017, following his investigation amid a government crackdown on conglomerates. An reclusive figure, Xiao’s vast business fortunes were upended in January 2017 when he was kicked out of Hong Kong’s Four Seasons Hotel in a wheelchair, allegedly by plainclothes Chinese security agents who were then not allowed to operate in Hong Kong. He was taken across the border to China, possibly by boat to avoid immigration controls, according to a New York Times report. Hong Kong police said at the time that he had crossed the border into mainland China. Tomorrow he also said that he was in the mainland. Still, the episode shocked Hong Kong at a time of increased influence from Beijing. Two years earlier, five Hong Kong booksellers disappeared from various locations in Asia and reappeared in mainland China. In the years since his disappearance, Xiao’s business empire had been restructured. 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. A few months later, state-owned investment firm China Chengtong Holdings Group said it would acquire a majority stake in a securities firm linked to Tomorrow Group. But news of Xiao’s fate didn’t begin to emerge until this year. Last month he finally went on trial, more than five years after his alleged abduction.