{"id":1617056,"date":"2022-08-20T06:08:33","date_gmt":"2022-08-20T10:08:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1617056"},"modified":"2022-08-20T06:08:42","modified_gmt":"2022-08-20T10:08:42","slug":"china-sentences-tycoon-xiao-jianhua-to-13-years-fines-his-company-8-1-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-sentences-tycoon-xiao-jianhua-to-13-years-fines-his-company-8-1-billion\/","title":{"rendered":"China sentences tycoon Xiao Jianhua to 13 years, fines his company $8.1 billion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchina-sentences-tycoon-xiao-jianhua-to-13-years-fines-his-company-8-1-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1617056&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>BEIJING (Reuters) -A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan ($8.1 billion), a record in China. <\/p>\n<p>Xiao and 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 Intermediate 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<p>China-born Xiao, known to have links to China\u2019s Communist Party elite, was last seen whisked away in a wheelchair from a luxury Hong Kong hotel in the early hours with his head covered, a source close to the tycoon told Reuters at the time.<\/p>\n<p>Xiao and Tomorrow have \u201cseverely violated a financial management order\u201d and \u201churt state financial security\u201d, the court said, with the tycoon additionally fined 6.5 million yuan for the crimes. <\/p>\n<p>From 2001 to 2021, Xiao and 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<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 China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi\u2019an P&#038;C Insurance Co \u2013 as well as New Times Trust Co and New China Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures.<\/p>\n<p>The court said that from 2004, Xiao and 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 Xiao used the illegal gains for the acquisition of financial institutions, securities trading and overseas investment. But it acknowledged his attempts to make amends.<\/p>\n<p>\u201cXiao Jianhua has taken commendable actions, so he was given a mitigated punishment in accordance with the law,\u201d it said. <\/p>\n<p>Asked about Xiao\u2019s right to consular access as a Canadian citizen at a Friday briefing, Chinese foreign ministry spokesperson Wang Wenbin said Xiao was not entitled to such rights as Chinese law did not recognise 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. Xiao\u2019s legal process is very concerning, as is the ongoing lack of consular access, which prevents us from being able to assess his wellbeing,\u201d it said in a statement.<\/p>\n<p>Tomorrow Holdings could not immediately be reached for comment.<\/p>\n<p>($1=6.8056 Chinese yuan renminbi)<\/p>\n<p> (Reporting by Tony Munroe, Ziyi Tang, Ryan Woo, Ellen Zhang, Eduardo Baptista, and Meg Shen; Editing by Stephen Coates and Clarence Fernandez)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/china-sentences-tycoon-xiao\/file-photo-people-walk-past-the-building-with-the-listed\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/tagreuters.com2022binary_LYNXMPEI7I09M-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI7I09M-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING (Reuters) -A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1617056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1617056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1617056"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1617056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1617056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1617056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1617056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}