13 Years Punishment: A Shanghai court has sentenced Chinese-Canadian tycoon Xiao Jianhua to 13 years in prison while hearing a crime of financial management violation. According to the decision of the Shanghai First Intermediate Court, the Tomorrow Holding Group group of Xiao Jianhua has been fined 55.03 billion yuan, or 8.09 billion US dollars. The court observed, “Jio & Tomorrow has committed grave violation of the Financial Management Order and has hurt the financial security of the state.” The economy of the business community has been damaged because of Xiao Jianhua.
disappeared in 2017
Xiao Jianhua had close ties to China’s eminent political families. Xiao Jianhua, who has been identified as a billionaire financier, disappeared from Hong Kong in 2017. More than five years after his disappearance, China formally prosecuted Xiao. The shock to Hong Kong’s business community was explained by fears that the city’s independence had been lost. Hong Kong was guaranteed to be handed over to China by Britain in 1997 under the One Country-Two Systems policy. Xiao, the founder of the Beijing-based Tomorrow Group, was born in China. The only thing people knew about him was that he belonged to the Communist Party of China (CCP).
had disappeared during the proceedings of the anti-corruption trial
Xiao Jianhua had disappeared at that time. When the Chinese government was running an anti-corruption campaign under the leadership of President Xi Jinping. The government was prosecuting businessmen accused of bribery and other misconduct. During this time the Chinese police were also banned from working in Hong Kong. This restriction was implemented only under the one country-two system law system. Jio has reportedly worked in several well-known families. At one point the New York Times interpreted him as a banker to the ruling class. In 2016, Jio’s estimated net worth was estimated at US$6 billion.