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image source, CUHK
Xiao Jianhua’s trial, seen here in a file image, is said to have begun on July 4.
The whereabouts of Chinese-Canadian billionaire Xiao Jianhua had been a mystery since January 2017, when his family reported the tycoon missing in Hong Kong and later retracted the complaint, saying he was “safe”.
At the time, international media specializing in Chinese politics reported that Xiao had been detained by Beijing security agents and transferred to mainland China.
This Friday, five years after that episode, a court in Shanghai reported that the tycoon in China has been sentenced to 13 years in prison and his company must pay a fine fine of more than $8,000 million.
The Canadian embassy indicated that the process had begun on July 4 The Chinese authorities have denied their diplomats access to the trial.
Xiao and his company Tomorrow Holdings were charged with embezzlement and bribery.
The businessman and his firm were found guilty of “illegal acquisition of public deposits, breach of trust in the use of entrusted property … [y] illegal use of funds,” the Shanghai court said in a statement.
The court also found that Tomorrow Holdings was guilty of “crime of bribery“.
It added that Xiao and his company had “grossly violated the financial management order” and “damaged the financial security of the state”.
The court reported that Xiao and his company pleaded guilty and cooperated with authorities, which helped to reduce their sentence.
Xiao’s disappearance made headlines in Hong Kong newspapers on Wednesday.
Asked on Friday about Xiao’s right to access consular services as a Canadian citizen, China’s foreign ministry said the country does not recognize dual citizenship.
Therefore, Xiao was not entitled to help from the Canadian government.
The international press has pointed out that Xiao had close ties with the highest echelons of the Communist Partyincluding President Xi Jinping’s family.
By 2016, his net worth had risen to an estimated $6 billion, according to the Hurun Report, a ranking of China’s richest people.
What happened to Xiao Jianhua?
In 2017, Xiao was taken from the Four Seasons Hotel in Hong Kong, where he was said to be living at the time.
His family reported him missing to Hong Kong authorities, but backed out a day later, saying he had “reestablished contact with Xiao”.
For its part, the Hong Kong police reported that surveillance footage indicated that Xiao had not been forcibly left the hotel, though they refused to release it.
Subsequently, the businessman issued a statement that appeared on the front page of a newspaper saying that he received medical treatment abroad. He praised the “rule of law” in China and said he had not been kidnapped or taken to mainland China.
Tomorrow Holdings also issued statements on his behalf saying he was fine, though these were later removed.
Xiao, who is in his 40s, was a student leader at the prestigious Peking University.
Their companies are mainly active in the financial services.
In 2014, the magnate denied moving to Hong Kong to avoid a Beijing government investigation into corruption.
Three years later, when he was arrested, the Xi Jinping government’s anti-corruption campaign was well underway against officials embezzling government funds.
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