{"id":486491,"date":"2022-08-20T22:46:53","date_gmt":"2022-08-20T19:46:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-sentences-tycoon-xiao-jianhua-to-13-years-fines-tomorrow-holdings-8-1-billion\/"},"modified":"2022-08-20T22:46:53","modified_gmt":"2022-08-20T19:46:53","slug":"china-sentences-tycoon-xiao-jianhua-to-13-years-fines-tomorrow-holdings-8-1-billion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-sentences-tycoon-xiao-jianhua-to-13-years-fines-tomorrow-holdings-8-1-billion\/","title":{"rendered":"#China sentences tycoon Xiao Jianhua to 13 years, fines Tomorrow Holdings $8.1 billion"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25705d0e656\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25705d0e656\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/china-sentences-tycoon-xiao-jianhua-to-13-years-fines-tomorrow-holdings-8-1-billion\/#%E2%80%9CChina_sentences_tycoon_Xiao_Jianhua_to_13_years_fines_Tomorrow_Holdings_81_billion%E2%80%9D\" >&#8220;China sentences tycoon Xiao Jianhua to 13 years, fines Tomorrow Holdings $8.1 billion&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CChina_sentences_tycoon_Xiao_Jianhua_to_13_years_fines_Tomorrow_Holdings_81_billion%E2%80%9D\"><\/span>&#8220;China sentences tycoon Xiao Jianhua to 13 years, fines Tomorrow Holdings $8.1 billion&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<p>A Shanghai court on Friday sentenced Chinese-Canadian\u00a0billionaire\u00a0Xiao\u00a0Jianhua, not seen in public since 2017, to\u00a013\u00a0years\u00a0in jail and fined\u00a0his\u00a0Tomorrow Holdings conglomerate 55.03\u00a0billion\u00a0yuan ($8.1\u00a0billion), a record in\u00a0China.<\/p>\n<p>Xiao\u00a0and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai First Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te Court said.<\/p>\n<p>It added the punishment was mitigated because both had admitted their crimes and cooperated in recovering illegal gains and in restoring losses.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"826\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/China_Canada_Missing_Tycoon-1.jpg?w=826\" alt=\"Xiao\u00a0Jianhua\" class=\"wp-image-23545576\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/China_Canada_Missing_Tycoon-1.jpg?quality=75&amp;strip=all&amp;w=1652 1652w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/China_Canada_Missing_Tycoon-1.jpg?quality=75&amp;strip=all&amp;w=1239 1239w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/China_Canada_Missing_Tycoon-1.jpg?quality=75&amp;strip=all&amp;w=826 826w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/China_Canada_Missing_Tycoon-1.jpg?quality=75&amp;strip=all&amp;w=413 413w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/China_Canada_Missing_Tycoon-1.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 826px) 100vw, 826px\"\/><figcaption>A Chinese court sentenced billionaire\u00a0Xiao\u00a0Jianhua to 13 years in prison. <\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>China-born\u00a0Xiao, known to have links to\u00a0China\u2019s Communist Party elite, was last seen whisked away in a wheelchair from a luxury Hong Kong hotel in the early hours with\u00a0his\u00a0head covered, a source close to the\u00a0tycoon\u00a0told Reuters at the time.<\/p>\n<p>Xiao\u00a0and Tomorrow have \u201cseverely violated a financial management order\u201d and \u201churt state financial security,\u201d the court said, with the\u00a0tycoon\u00a0additionally fined 6.5 million yuan for the crimes.<\/p>\n<p>From 2001 to 2021,\u00a0Xiao\u00a0and Tomorrow gave shares, real estate, cash and other assets to government officials totalling more than 680 million yuan, to evade financial supervision and seek illegitimate benefits, the court said.<\/p>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>In July 2020, nine of the group\u2019s related institutions were seized by Chinese regulators as part of a crackdown on risks posed by financial conglomerates.<\/p>\n<p>Among the nine firms were four insurers \u2013 Tianan Property Insurance Co of\u00a0China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi\u2019an P&amp;C Insurance Co \u2013 as well as New Times Trust Co and New\u00a0China\u00a0Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures.<\/p>\n<p>The court said that from 2004,\u00a0Xiao\u00a0and Tomorrow controlled multiple financial institutions and internet financial platforms, including the failed Baoshang Bank, via multiple layers of indirect shareholders and anonymous ownership.<\/p>\n<p>It said\u00a0Xiao\u00a0used the illegal gains for the acquisition of financial institutions, securities trading and overseas investment. But it acknowledged\u00a0his\u00a0attempts to make amends.<\/p>\n<p>\u201cXiao\u00a0Jianhua\u00a0has taken commendable actions, so he was given a mitigated punishment in accordance with the law,\u201d it said.<\/p>\n<p>Asked about\u00a0Xiao\u2019s right to consular access as a Canadian citizen at a Friday briefing, Chinese foreign ministry spokesperson Wang Wenbin said\u00a0Xiao\u00a0was not entitled to such rights as Chinese law did not recognize dual nationality.<\/p>\n<p>Canada\u2019s foreign ministry said it was aware of media reports about the sentencing, and its officials would monitor the case and press for consular access.<\/p>\n<p>\u201cThe lack of transparency in Mr.\u00a0Xiao\u2019s legal process is very concerning, as is the ongoing lack of consular access, which prevents us from being able to assess\u00a0his\u00a0wellbeing,\u201d it said in a statement.<\/p>\n<p>Tomorrow Holdings could not immediately be reached for comment.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/08\/20\/china-sentences-tycoon-xiao-jianhua-to-13-years-fines-tomorrow-holdings-8-1-billion\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;China sentences tycoon Xiao Jianhua to 13 years, fines Tomorrow Holdings $8.1 billion&#8221; A Shanghai court on Friday sentenced Chinese-Canadian\u00a0billionaire\u00a0Xiao\u00a0Jianhua, not seen in public since 2017, to\u00a013\u00a0years\u00a0in jail and fined\u00a0his\u00a0Tomorrow Holdings conglomerate 55.03\u00a0billion\u00a0yuan ($8.1\u00a0billion), a record in\u00a0China. Xiao\u00a0and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":486492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/newspress-collage-23545073-1661022256101.jpg?quality=75&strip=all&1661008052&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[132520,70971,4973,70548,76410,81175],"class_list":["post-486491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-8-20-22","tag-billionaires","tag-china","tag-fines","tag-sentences","tag-shanghai"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/486491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=486491"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/486491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/486492"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=486491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=486491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=486491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}