Another source said that the investigation still needs a little more time, so the trial will start later.
(Hong Kong Comprehensive News) Xiao Jianhua, a wealthy businessman from mainland China who mysteriously disappeared in a Hong Kong hotel last year, is rumored to be facing charges in a Shanghai court for stock price manipulation and bribery.
The South China Morning Post quoted sources yesterday as saying that Xiao Jianhua is likely to be charged with two counts of manipulating the stock and futures markets and bribery of representative agencies, and the trial may start in the next few days.However, another source said that the investigation still needs a little more time, so the trial will start later.Xiao Jianhua's case went to a pre-trial conference earlier this month, and there are likely to be more such conferences.
Had Xiao Jianhua been tried without other charges, he would have received a lighter punishment than Wu Xiaohui, the former chairman of Anbang Insurance Group.Wu Xiaohui was sentenced to 18 years in prison for being suspected of fraud and embezzlement of public funds, and it was revealed that he refused to cooperate with the sale of his assets.
Xiao Jianhua was asked by a five-member team at the Four Seasons Hotel in Hong Kong in the early hours of January last year to return to mainland China for investigation on cases related to the Chinese stock market.
Xiao Jianhua was suddenly brought back to the mainland, which is believed to be related to the manipulation of the Chinese stock market in 2015 and its plunge.According to another source, Xiao Jianhua is also involved in the corruption case of Ma Jian, the former deputy minister of the Ministry of State Security.
The Chinese government later asked Tomorrow to divest its assets, saying it was because the risks accumulated by Tomorrow could jeopardize China's financial security.
It is understood that Xiao Jianhua is currently being held in Suzhou, and has repeatedly written letters to Chinese leaders, asking for forgiveness and a lighter punishment.However, it is not known whether the letter was delivered to the recipient.
Xiao Jianhua, who is known as a capital predator, is the actual controller of China Financial Capital Group Tomorrow Department. Through a complicated equity structure, he controls hundreds of companies.
According to Hurun Report's 2016 estimate, Xiao Jianhua has a personal wealth of RMB 40 billion (approximately S$7.95 billion), ranking 398th in the world's richest list and 32nd in China's richest list.
