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Chinese-Canadian Billionaire Xiao Jianhua Jailed For 13 Years

The court said that the sentence of Jianhua and his company was commuted because both had admitted their crimes and cooperated in the recovery of illegal profits and restoration of damages

Photo Credit : Bloomberg

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A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua to 13 years in prison. In addition, his Tomorrow Holdings company was fined 55.03 billion yuan (USD 8.1 billion).

Jianhua has not been seen in public since 2017. He was last seen leaving a luxury hotel in Hong Kong in 2017. The Shanghai First Intermediate Court said that, Jianhua and Tomorrow Holdings were accused of illegal withdrawal of public deposits, misappropriation of entrusted assets, breach of trust, illegal use of money and bribes. The company has found him guilty in all these cases.

The court said that the sentence of Jianhua and his company was commuted because both had admitted their crimes and cooperated in the recovery of illegal profits and restoration of damages. Chinese-born Xiao Jianhua, who belonged to the elite section of the Communist Party of China, was last seen being carried in a wheelchair from a luxury hotel in Hong Kong with his head covered.

The court said that from 2001 to 2021, Xiao and Tomorrow gave government officials a total of more than 680 million yuan in shares, real estate, cash and other assets to avoid financial scrutiny. However, in July 2020, action was started against him. The group's nine related institutions were then seized by Chinese regulators as part of a crackdown on risks posed by the financial group. 

At the same time, Canada's Foreign Ministry said that it was aware of media reports about the sentence and that its officers would monitor the case and press for consular access. The lack of transparency in Xiao's legal process is very worrying, as is the lack of consular access, which prevents us from being able to assess his well being.


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