China sentences tycoon Xiao Jianhua to 13 years, fines his company…

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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.

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The court said that from 2004, Xiao and Tomorrow controlled multiple financial institutions and internet financial platforms, including the failed Baoshang Bank, via multiple layers of indirect shareholders and anonymous ownership.

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Asked about Xiao’s right to consular access as a Canadian citizen at a Friday briefing, Chinese foreign ministry spokesperson Wang Wenbin said Xiao was not entitled to such rights as Chinese law did not recognise dual nationality.

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Among the nine firms were four insurers – Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co – as well as New Times Trust Co and New China Trust Co.

BEIJING, Aug 19 (Reuters) – 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.

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‘Toxic influencer’ Andrew Tate says he was ‘playing a comedic character’ in videos which have been slammed as misogynistic after the ex-Big Brother star was banned from Facebook and Instagram for ‘violating policies’.

The ex-Big Brother star responded to the bans by telling MailOnline that he was ‘a fantastic role model for all people, both male and female’, adding that his platform ‘would be a beacon of light, teaching people of all genders and races how to respect one another’.

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

In a statement, he said: ‘It is very unfortunate that old videos of me, where I was playing a comedic character, have been taken out of context and amplified to the point where people believe absolutely false narratives about me.

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