News, Uncategorized

BILLIONAIRE XIAO JIANHUA JAILED FOR 13 YEARS IN CHINA

A Chinese-Canadian billionaire has been sentenced to 13 years in prison in China and his company fined more than $8bn (£6.7bn).

Xiao Jianhua and his company Tomorrow Holdings were charged with embezzlement and bribery, a court in Shanghai said.

Xiao – one of China’s richest people – was last seen being whisked away from a luxury hotel in Hong Kong in 2017.

There had been no official word from him since, until the Canadian embassy said in July he would be facing trial.

The trial of Xiao Jianhua, seen here in a file picture, was said to have begun on 4 July
IMAGE SOURCE,CUHK
Image caption,



The trial was said to have started on 4 July.

Xiao and his firm were found guilty of “illegally absorbing public deposits, breaching trust in the use of entrusted property… [and] illegal use of funds,” a statement from the Shanghai court quoted by AFP said. It also said Tomorrow Holdings was guilty of the “crime of bribery”.

It added that Xiao and his firm had “severely violated the financial management order” and “hurt state financial security”.

The court said Xiao and his company had pleaded guilty and had cooperated with authorities and so their punishment was mitigated.

In July, the Canadian embassy said its diplomats had been denied access to the trial.

Asked on Friday about Xiao’s right to access Canadian consular services as a Canadian citizen, China’s foreign ministry said China did not recognise dual citizenship and so Xiao was not entitled to such rights.

Xiao reportedly had close connections to the upper echelons of the ruling Communist Party, including to President Xi Jinping’s family.

By 2016, his net worth had grown to an estimated $6bn (£4.7bn) according to Hurun Report, a ranking of China’s wealthiest people.

What happened to Xiao Jianhua?
In 2017, Xiao was whisked away from the Four Seasons Hotel in Hong Kong, where he was understood to have been living at the time.

His family filed a missing person’s report with Hong Kong authorities after he disappeared, but withdrew it a day later, saying they had “regained contact” with Xiao.


MYSTERY OF A CHINESE TYCOON’S DISAPPEARANCE


Hong Kong police said surveillance footage at the scene showed Xiao did not leave the hotel under duress, but refused to release the footage.

Xiao later issued a statement that was run on the front page of a popular newspaper saying he was receiving medical treatment abroad. He also praised the “rule of law” in China and said that he had not been kidnapped and taken to the Chinese mainland.

His company also released statements on his behalf saying he was fine, though these were later removed.


Published By Odoh Dominic Chukwuemeka

You can Like, Share or comment on this article.

Your support matters.
Sustain independent journalism.


FOR ADVERT PLACEMENT CALL OR TEXT OUR WHATSAPP NUMBER; +886960917723, +886970840314

Click to Follow our website Dco-global-news.com

FaceBook Page; DCO Global News

DCO Global News Contacts;
For information on Press Releases, News, Advertisements, Videos, Photos, Events happenings, Promotional Events and Adverts, Share your stories with us, Please Call or Send a Text to our Whatsapp number; +886963563485, +886970840314.
Or send an email to; chionikdom02@yahoo.com, emydom29@gmail.com

(Like and Follow our Facebook Page; DCO Global News)

(Follow us on Twitter; @Dcoglobalnews)

(Follow us on LinkedIn; Dco Global News)

(Follow us on Tumblr; Dcoglobalnews)

(Follow us on Google +; Dco Global News TV)

(Subscribe to our YouTube Channel; DCO Global News TV)

Subscribe to our Telegram Channel DCO Global News.

Follow our Website http www. dco-global-news.com

Advertise with us.
Send us enquiries, Press releases.

DCO Global News Promotes the Values of Democracy, Human Rights, Values of Life and Freedom of Expression in a Region Where Genuine Media Freedom Remains Elusive and where many Media outlets remain Divided along Ethnic Lines.
Let’s 🚶 Walk the 🚶 Walk 🚶 Together.
Don’t miss a thing, get the latest updates to fuel your conversation daily.

For 2022, DCO Global News commit to another year of high-impact reporting that can counter misinformation and offer an authoritative, trustworthy source of news for everyone. With no shareholders or political owner, we set our own agenda and provide truth-seeking journalism that’s free from commercial and political influence. When it’s never mattered more, we can investigate and challenge without fear or favour.

(Support DCO Global News.)
LET’S HAVE YOUR SAY, LET’S KNOW YOUR THOUGHTS.
LIKE, SHARE AND COMMENT.

TEXT AD: To advertise here.
Call Dominic +886970840314…
© DGN NEWS MEDIA 2022.
All Rights Reserved.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s