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Bloomberg
A Chinese-Canadian tycoon who was seized at a Hong Kong hotel five years ago and has lost much of his sprawling business empire to the Chinese government is about to go on trial, the Wall Street Journal reported.
Prosecutors in Shanghai plan to charge Xiao Jianhua with illegal collection of public deposits, the newspaper reported, citing people familiar with the situation. Hearings could start this month, according to the article.
Xiao has told his family to have faith “in the Chinese
government and Chinese law,†the Journal quoted his older brother, Xiao Xinhua, as saying. The case was “very complicated and full of drama,†he added in the report published.
Xiao has been missing since early 2017 when he was taken from his room at the Four Seasons in Hong Kong, where he he had been staying for several years after fleeing China. China’s central bank later identified
Tomorrow Group, the investment conglomerate owned by Xiao as one of several “financial holding companies†that should be scrutinised in their ownership structure, related transactions and source of funding.