from a millionaire Suspended from a 5-star luxury hotel and sentenced to 13 years in prison for corruption

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On August 20, 2022, CNN reported the verdict on Xiao Jianhua, a 50-year-old Chinese-Canadian magnate, who was sentenced to 13 years in prison after making headlines around the world. He was kidnapped from a five-star hotel in Hong Kong to mainland China five years ago.



The First Intermediate Court in Shanghai, China, convicted Chiao and Tomorrow Holdings. Billions of dollars in damages included the use of public deposits, embezzlement, fraud, illegal use of funds and bribery.


Tomorrow Holdings Company / REUTERS
The verdict stated that Mr. Chiao and Tomorrow Holdings bribed government officials, stocks, real estate, cash and other assets worth about $100 million, or about 3.5 billion chapters, over the past 20 years to 2021.

has been relieved of penalties because of cooperation
The court ordered a serious fine of 6.5 million yuan, or about 32.5 million baht, and fined Tomorrow Holdings 55 billion yuan, or about 275 billion baht.

The court held that Tomorrow's criminal conduct Holdings and Qiao Jianhua are grave offenses against money management regulations and endanger China's financial security. Neglecting the duties of government officials must maintain integrity.



Revealed to go to university at the age of 14
Mr Chiao is one of the richest people in China and controls the Kingdom of Tomorrow Group, a company with banking partners. Life insurance and real estate developers




There is an interesting personal history that Received a scholarship to attend Peking University since the age of 14 and was a member of the Communist Party. and against the Tiananmen Square protests in 1989 that ended in bloodshed.

Hurun Company - Hurun analyzes China's wealth. Chiao has a net worth of $6 billion, or about 210,000 million baht, while Forbes magazine ranked Xiao the 32nd richest person in the world in 2016.
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