China Merchants Bank Reported to be Taking Over Affiliate (New Times Trust Co) of Failed China Conglomerate Tomorrow Holdings, China Regulators Seized 9 Affiliates of China Conglomerate Tomorrow Holdings with $170 Billion Assets Due to Business Violations, Chinese-Canadian Billionaire Xiao Jianhua Sentenced to 13 Years Jail in China & Tomorrow Holdings Fined $8 Billion for Embezzlement & Bribery
19th July 2024 | Hong Kong
China Merchants Bank has been reported to be taking over an affiliate (New Times Trust Co) of failed China conglomerate Tomorrow Holdings. In 2024 May, China regulators seized 9 affiliates of China conglomerate Tomorrow Holdings with $170 billion assets due to business violations. The 9 affiliates seized are New Times Securities, Guosheng Securities, Guosheng Futures, Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co, Yi’an P&C Insurance Co, New Times Trust Co & New China Trust Co. In 2022, Chinese-Canadian billionaire Xiao Jianhua had been sentenced to 13 years jail in China, with his company Tomorrow Holdings fined $8 billion for embezzlement & bribery (illegally collecting public deposits, misuse entrusted property, illegal use of funds & bribery). The Shanghai court announced that both Xiao Jianhua and Tomorrow Holdings had pleaded guilty and cooperated with the authorities, and thus the sentencing severity had been reduced. China does not recognise dual citizenship, with Xiao Jianhao reported to have hold a Canadian citizenship in addition to his native China citizenship. In 2017, Chinese-Canadian billionaire Xiao Jianhua was escorted out of the Four Seasons Hotel in Hong Kong, where he was residing.
“ China Merchants Bank Reported to be Taking Over Affiliate (New Times Trust Co) of Failed China Conglomerate Tomorrow Holdings, China Regulators Seized 9 Affiliates of China Conglomerate Tomorrow Holdings with $170 Billion Assets Due to Business Violations, Chinese-Canadian Billionaire Xiao Jianhua Sentenced to 13 Years Jail in China & Tomorrow Holdings Fined $8 Billion for Embezzlement & Bribery “
China Regulators Seized 9 Affiliates of China Conglomerate Tomorrow Holdings with $170 Billion Assets Due to Business Violations, Chinese-Canadian Billionaire Xiao Jianhua Sentenced to 13 Years Jail in China & Tomorrow Holdings Fined $8 Billion for Embezzlement & Bribery, 9 Affiliates are New Times Securities, Guosheng Securities, Guosheng Futures, Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co, Yi’an P&C Insurance Co, New Times Trust Co & New China Trust Co
24th May 2024 – China regulators have seized 9 affiliates of China conglomerate Tomorrow Holdings with $170 billion assets due to business violations. The 9 affiliates seized are New Times Securities, Guosheng Securities, Guosheng Futures, Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co, Yi’an P&C Insurance Co, New Times Trust Co & New China Trust Co. In 2022, Chinese-Canadian billionaire Xiao Jianhua had been sentenced to 13 years jail in China, with his company Tomorrow Holdings fined $8 billion for embezzlement & bribery (illegally collecting public deposits, misuse entrusted property, illegal use of funds & bribery). The Shanghai court announced that both Xiao Jianhua and Tomorrow Holdings had pleaded guilty and cooperated with the authorities, and thus the sentencing severity had been reduced. China does not recognise dual citizenship, with Xiao Jianhao reported to have hold a Canadian citizenship in addition to his native China citizenship. In 2017, Chinese-Canadian billionaire Xiao Jianhua was escorted out of the Four Seasons Hotel in Hong Kong, where he was residing.
Chinese-Canadian Billionaire Xiao Jianhua Sentenced to 13 Years Jail in China & Tomorrow Holdings Fined $8 Billion for Embezzlement & Bribery
26th August 2022 – Chinese-Canadian billionaire Xiao Jianhua had been sentenced to 13 years jail in China, with his company Tomorrow Holdings fined $8 billion for embezzlement & bribery (illegally collecting public deposits, misuse entrusted property, illegal use of funds & bribery). The Shanghai court announced that both Xiao Jianhua and Tomorrow Holdings had pleaded guilty and cooperated with the authorities, and thus the sentencing severity had been reduced. China does not recognise dual citizenship, with Xiao Jianhao reported to have hold a Canadian citizenship in addition to his native China citizenship. In 2017, Chinese-Canadian billionaire Xiao Jianhua was escorted out of the Four Seasons Hotel in Hong Kong, where he was residing.
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