Xiao Jianhua has not been seen in public since he was abducted from the Four Seasons Hotel in a wheelchair by plainclothes Chinese agents, who were not allowed to operate in Hong Kong at the time. It is believed the tycoon, whose head was covered when he was taken away in the early hours of the morning, was taken to China by boat to avoid immigration controls. His disappearance shocked Hong Kong at a time when Beijing wielded more influence and came two years after five Hong Kong booksellers disappeared before resurfacing in mainland China. One of China’s richest men, the tycoon reportedly had close ties to the highest echelons of the ruling Communist Party, including President Xi Jinping’s family, but has fallen victim to a crackdown on conglomerates. Xiao and his company, Tomorrow Holdings, were charged with illegally embezzling public deposits, betraying the use of entrusted property, and illegal use of funds and bribery, the Shanghai First Intermediate Court said.
A record fine for Xiao’s company
In addition to the company fine, a record in China, Xiao was personally fined just under £808,000. In 2016, his net worth was estimated to be around £4.7 billion. In July, the Canadian embassy said it had been denied access to the trial. China’s foreign ministry said on Friday that Beijing does not recognize dual citizenship, so Xiao is not entitled to such privileges. His business empire was dismantled by Chinese regulators in the years after his disappearance. In 2020, nine divisions of the group were seized as part of a crackdown on the financial risk posed by conglomerates. State investment firm China Chengtong Holdings Group said it will acquire a majority stake in a securities firm linked to Tomorrow Group a few months later. News of Xiao was scarce until last month, when he finally went on trial more than five years after his disappearance. President Xi Jinping looks certain to be re-elected as general secretary of the Chinese Communist Party for an unprecedented third term at the end of this year. A Hong Kong court on Friday sentenced nine protesters to up to four years and four months in prison after they were convicted of rioting against the extradition bill in a main shopping district.
