Posted on 08/20/2022 7:28:01 PM PDT by nickcarraway
A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan ($8.1 billion), a record in China.
Xiao and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai First Intermediate Court said.
It added the punishment was mitigated because both had admitted their crimes and cooperated in recovering illegal gains and in restoring losses.
China-born Xiao, known to have links to China’s Communist Party elite, was last seen whisked away in a wheelchair from a luxury Hong Kong hotel in the early hours with his head covered, a source close to the tycoon told Reuters at the time.
(Excerpt) Read more at nbcnews.com ...
It just doesn’t pay to be a tycoon in China.
Well, it pays for a little while and then they take it from you.
I hope this will be people like Bloomberg’s fate.
13 years in a Chinese prison?
He will be out in two years.
But he will leave in the composting truck.
$8.1 Billion fine. Known to have connections with CCP elite.
Money grab by the CCP.
just like any tyranny
the king could wipe you out overnight
if you fell out of favor
everything belongs to the tyranny
they just let you use it
Xi is now a very rich man!
Here’s the thing about a fascist country: of course, he’s guilty. Guilty of thousands of crimes, probably. You can’t make a dime without political corruption and favoritism. (Why do you think Trump hob-nobbed with the Clintons and Cuomos?) This guy made 80 billion dimes.
Fall guy?
You think it won’t happen here?
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