XIAO JIANHUA SENTENCE TO 13 YEARS IMPRISONMENT

XIAO JIANHUA SENTENCE TO 13 YEARS IMPRISONMENT

Xiao Jianhua a Chinese-canadian Merchant Prince with extraordinary link to the Communist Party, known for managing asset of descendants of prominent leader, have been facing charges for illegally diverting away of public deposits, betraying entrusted property privileges, illegal use of funds and bribery had been sentenced to 13 years in imprisonment by a Shanghai court on Friday, with 55.03 billion Yuans ($8.1 billion) fine for his Tommorow Holding Conglomerate.

The Chinese born businessman and his Tommorow Holdings Conglomerate have severely breached a financial management order and evasion of financial supervision, a crime which both had admitted and are cooperating in the recovery of the illegal gains.

Xiao who was abducted and have not been seen in public since 2017, was said to have used the illegal gains for acquisition of financial institutions, security trading and oversea investment.

Xiao right to consular access to Canadian consular as a dual citizen was not granted, according to Chinese Foreign Ministry Spokesman Wang Wenbin, who said that Chinese law does not recognise dual nationality.

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