Chinese-Canadian billionaire Xiao Jianhua set to go on trial in China
In July 2020, nine of the group’s related institutions were seized by Chinese regulators as part of a crackdown on risks posed by financial conglomerates.Story continues below advertisement
In 2021, regulators extended the one-year take-over period of the nine financial enterprises by another year to “further promote risk disposal work and defuse financial risks.”The seizures were preceded by a takeover of Baoshang Bank in 2019, a lender once controlled by Tomorrow, by regulators, citing severe credit risks.
The lender, which had operated nationwide, was revamped into a much smaller lender back in its home region of Inner Mongolia in northern China.Calls grow for feds to do more to help 100+ Canadians detained in China – Sep 29, 2021 In recent years, a number of executives at big Chinese companies have been subject to investigation or prosecution amid a broader crackdown on corruption spearheaded by President Xi Jinping that has also ensnared politicians and bankers.Among those who have fallen from grace was Jiang Jiemin, former head of China National Petroleum Corp CNPET.UL, who was sentenced to 16 years for bribery and abuse of power in 2015.
In 2017, Ai Baojun, a former chairman of Baoshan Iron and Steel 600019.SS who had gone on to become vice mayor of Shanghai, was sentenced to 17 years in jail for bribery and graft.
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