The Chinese billionaire who invested in WIOC jailed for 13 years

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Billionaire Xiao Jianhua jailed for 13 years in China

Xiao Jianhua, a Chinese-Canadian billionaire at the centre of an alleged abduction scandal in Hong Kong in 2017, has been sentenced by a Shanghai court to 13 years in prison and his company fined a record 55.03bn yuan (£6.8bn).

Xiao, 50, and his Tomorrow Holdings conglomerate were charged with illegally absorbing public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai first intermediate court said.

Xiao was also fined 6.5m yuan for the crimes, the Shanghai court said, accusing him and Tomorrow of “severely violated financial management order” and “hurt state financial security”.

From 2001 to 2021, Xiao and Tomorrow gave shares, real estate, cash and other assets to government officials totalling more than 680m yuan, to evade financial supervision and seek illegitimate interests, the court said.

Born in China and educated in the country’s top institution, Peking University, Xiao was known to have links to the country’s Communist party elite. But he has not been seen in public since 2017 after he was investigated amid a state-led conglomerate crackdown.

A reclusive figure, Xiao’s massive business fortune was turned upside down in January 2017 when he was whisked out of Hong Kong’s Four Seasons hotel in a wheelchair allegedly by plainclothes Chinese security agents, who at the time were not permitted to operate in Hong Kong.

He was taken across the border into China, possibly by boat to avoid immigration checks, according to a report in the New York Times.

Hong Kong police said at the time that he had crossed the border into mainland China. Tomorrow also said he was on the mainland. Still, the episode rocked Hong Kong at a time of increased influence from Beijing. Two years earlier, five Hong Kong booksellers disappeared from various locations in Asia and resurfaced in mainland China.

In the years since his disappearance, Xiao’s business empire had been restructured. In July 2020, nine of the group’s related institutions were seized by Chinese regulators as part of a crackdown on risks posed by financial conglomerates. A few months later, state-owned investment firm China Chengtong Holdings Group said it would acquire a majority stake in a securities firm linked to Tomorrow Group.

But news of Xiao’s fate did not begin to emerge until this year. Last month he was finally put on trial, more than five years after his alleged abduction.

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34 COMMENTS

    • We need to know the status of our 120 passports given to Xiao. This situation is a national security issue. If the situation was reversed the Chinese government would be investigating the matter. So to we must investigate.

      • After all their due diligence they could not determine whether he was a fraud or not. He was the same one who was able to facilitate Andron Browne flipping of the Long Bay land for $2 million.

    • New does not mean its FACTS simply newworthy thus we read headlines . Share will or should or can be held in TRUST or signed over to someone or me lol or company or companies most likely will be sold to pay his record fines. Private matter public will not be informed of this sale or tranfers. Bank records are private .

  1. Oops!
    Why does our Nation, attract and retain so many #International #Criminals?
    I can understand, the attraction, but after the vetting and negotiations, why do we still sign public deals with them?

    Jumbee_Picknee is just being #rhetorical! I can take a #Time_Machine on the Woody Show and listen to Bloom Cooper on Safarti and Vere Bird II.:

    #ABLP
    #STRAIGHT
    #OUTTA
    #GANGSTER_ALLEY!

    • @smood Boss wash your face first before you start pointing at others:Let me remind you of the a former US president who the odd makers think will be re-elected. A key official from one of his companies recently pleaded guilty, He (Trump)is now under investigation. You may also recall his university that defrauded persons. Then there is the son of the current prez. By the way Canadian officials question the fairness (he is a naturalized Canadian citizen ) of Xiao Jianhua trail

  2. So who now owns his 24/25% of WIOC? And if it is his wife, how many shares were given to her to do the deal? As a Publicly Traded company is WIOC allowed to keep secrets as a politically aligned shareholder, or does the Securities and Exchange Commission get involved?

  3. So it can be determined that investment is now the shares of the Antigua and Barbuda Government. Sorry to learn of his misfortune.

    • How do arrived at that conclusion? Those shares are still owned by the Chinese man.Stick to what you know,how to fry women hair.

    • Comrade Dave Ray, that is the kind of scamps and scoundrels your party has always attracted to antigua whenever they are in office. The list is too numerous to mention, going all the way back to the 80’s

  4. As Max Worst says ‘Due diligence on investors is a waste of time’. Continue to hook up with crooks like yourselves ABLP. Poor Antigua! What did he do with the passports?

  5. What happened to the WIOC shares now including the CIP passports? Will the Antigua and Barbuda government plans of buying back those shares with taxpayers money?? The government needs to come tell the people where those shares are and who has/have them.

  6. There goes the ABLP apologist . Why are you sorry of his misfortune. He is and was a crook and the government of Antigua and Barbuda as the ABLP who you support are all crooks. Once a person has money they don’t care to investigate the integrity. The ABLP supporters been just as culpable for the last 60 years.

  7. As Gaston says he knows how to sniff out wealthy investors. Unfortunately, he can’t distinguish between the smell of good vs. bad money. Gaston is just a $2 hustler and he is not approaching these investment opportunities with any real strategy and discipline. After 26 failed investments, we can see that governing Antigua and Barbuda is over Gaston’s head. Let us relieve him of his duties. Vote him out!

  8. Gaston and the roll call of comrades:

    Mehul CHOKSI – PRESENT PLEASE
    Peter VIEDEE- PRESENT PLEASE
    Saab MORAN- PRESENT PLESES
    Xiao JIANHUA – PRESENT PLEASE

    Comrades of a feather flock together

    • Everyone is a Suspect..
      Independence create Insularity
      They Killing The DOVE(DEA) Dr LOVE
      Replacing with BUGS Drugs Corruption
      They Taking the HEART & LIMBS De Islands….Now Resorts Hotels Condominiums…
      Aliens in OUR OWN Lands
      Stop Dem Raiders Hunters
      Destroying..Blessed SURFACING peaks of De Archipelago

  9. A PINT of milk now costs more than £1 for the first time as living costs soar.

    Sainsbury’s is now selling a pint for £1.05 in small shops while two pints cost £1.35.

    Will #HFWL fix this also?

    • @ Just Saying

      A SHAME A YA DEY SHAME…….

      Y DONT YO GO AND COVER UNDER YOUR SHEET UNTIL AFTER THE ELECTION

    • At least the pensioners in England are getting paid and can probably afford the cost of milk. You can’t say the same about Antigua people

  10. Just another of the many crooked people ass wipe Gaston Browne like to associate with. Does that mean the shares Xiao had now belong to the Chinese government? I will laugh my ass off if that is the case.

    Keep on voting for the piece of shit Gaston Browne and his corrupt cabinet scamps and Antigua will continue going to shit. All them brown lipped Gaston Browne ass kissers like Tenman, Kuntrad the Red, From the Sideline, Hmmmmmm, Kristi will continue kissing Gaston crap stained bottom no matter what.

    Wait till them Nigerians pull the biggest scam ever defrauding this govt. You voted for this scumbag Gaston Browne keep on enjoying your current life.

    Pensioners not even getting paid much less the govt workers. But guess who getting paid every time and on time no matter what.

  11. Fellow bloggers notice this guys as deeply involved even with the government of China “ Chinese officials “ . He had real money. When they come with their money let them invest especially in structures . When they got caught they cannot demolish and take with them. Take Stanford for example the beautiful cricket facility is still up Coolidge. The Chinese communist politicians are some of the most corrupt politicians in the entire world. UPP was also big on China- Remember ambassador the papular DAVID SHOUL? The ruling ABLP government has taken the relationship with the Chinese to a new level. The embassy building and fencing sways it all . So my question to the UPP and it’s been leader is – what type of relationship are you going to have with the Chinese. What about the YEDA and western imperialism? What about the Chinese taking over of St.John’s with state owned sponsored finance, changing the landscape and culture with cheap unhealthy Chinese food and inferior goods .

    • ANR, May I make a request: Yesterday I heard a recording of Minister Weston saying that many hotel investors came to Antigua but left to go to Dominica and Grenada.
      Could you share that recording with us, please.

      That recording places this article in context. It seems that the reputable investors who approach the Gaston Browne administration flee in haste. The question I WANT TO ASK IS WHY?
      HOWEVER, IT APPEARS THAT GASTON LIKES CROOKS

      • Their approach to foreign investment is what is in it for ⎌them. When they start asking for kickbacks and a piece of the action, the reputable investors run for the hills. The only investors this government can attract are the corrupt ones and Gaston can sniff them out from their stench.

  12. Gaston BROWNE Aand the ABLP have such a bad reputation for loving crooks so I guess that is why the Euro Bond failed

  13. People don’t miss an important point of the article…China is kidnapping people from other territories to stand trial, even billionaires. We won’t really know if these charges are real since their government’s policies and actions are so opaque. Just a friendly reminder, whether you’re Red or Blue

  14. Antiguan ministers know who are crooks from the get go,they just refuse to be standup government officials and get blinded by the money that is thrown at them. If my little island knew Allen Stanford was a crook and chase his arse out, Antiguan ministers certainly knew he was a crook, but they gobble up his Ponzi Scheme like there was no tomorrow. Antiguans are not that gullible as they are trying to come across as,,,please.lmao. they know every crook that comes on that small island, but they just love Money.

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