Chinese-born Xiao, known to have ties to China’s Communist Party elite, has not appeared in public since 2017, following his investigation amid a state crackdown on conglomerates. Details of the investigation have not been released by officials. Xiao was wheeled away from a luxury hotel in Hong Kong in the early hours of the morning with his head covered, a source close to the tycoon told Reuters at the time.
Read more: Where is Xiao Jianhua? Officials mum on 2017 kidnapping of Canadian-Chinese tycoon
“Global Affairs Canada, our home office, is aware that a trial in the case of Canadian citizen Mr. Xiao Jianhua will be held today,” a Canadian embassy official told Reuters by telephone in a statement read from Ottawa. Story continues below ad “Canadian consular officials are closely monitoring this case, providing consular services to his family and continuing to push for consular access.” Zhao Lijian, a spokesman for China’s foreign ministry, said on Monday he was not aware of the situation when asked about Xiao’s trial at a media briefing. Xiao was ranked 32nd on the 2016 Hurun China Rich List, China’s equivalent of the Forbes list, with an estimated net worth of $5.97 billion at the time. 2:14 Hong Kong police raid pro-democracy Hong Kong news agency – December 29, 2021 At the center of Xiao’s empire is the financial conglomerate Tomorrow Holdings Co. Trending Stories
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In July 2020, nine of the group’s affiliated institutions were seized by Chinese regulators as part of a crackdown on the risks posed by financial conglomerates.
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Story continues below ad In 2021, regulators extended the buyout period of the nine financial firms by one year to “further promote risk-disposal operations and defuse financial risks.” The extended reservation will expire on July 16. The seizures were preceded by the 2019 takeover of Baoshang Bank, a lender once controlled by Tomorrow, by regulators citing serious credit risks. The lender, which had operated nationally, morphed into a much smaller lender in its home region of Inner Mongolia in northern China. 2:12 Calls grow for feds to do more to help 100+ Canadians held in China Calls grow for feds to do more to help 100+ Canadians held in China – September 29, 2021 In recent years, some executives at major Chinese companies have been investigated or prosecuted amid a broader crackdown on corruption led by President Xi Jinping that has also ensnared politicians and bankers. Story continues below ad Among those who fell from grace was Jiang Jiemin, the former head of China National Petroleum Corp CNPET.UL, who was sentenced to 16 years for bribery and abuse of power in 2015. In 2017, Ai Baojun, former chairman of Baoshan Iron and Steel 600019.SS, who had become vice mayor of Shanghai, was sentenced to 17 years in prison for bribery and bribery. (Reporting by Martin Quin Pollard in Beijing and Meg Shen in Hong Kong; Writing by Ryan Woo; Editing by Raju Gopalakrishnan)
