According to the Wall Street Journal, Xiao Jianhua, Tomorrow Group founder, is scheduled to face a trial on criminal charges in Shanghai this month.
Financial Times and other media outlets reported that he was brought back from the luxurious Four Seasons Hotel in Hong Kong to the mainland for investigation.
Jianhua was taken away from Hong Kong in January 2017. The case, if tried in Shanghai in June, takes five years and more than four months for review.
As a result, this case has the longest review time since Beijing launched an anti-corruption campaign in 2013. It is also the one with the most extended review period since the Communist regime implemented the reform 44 years ago.
Chinese media Da Ji Yuan News reported that the Xiao Jianhua case has long been the number one prominent case in China because Jianhua is by far the most significant “financial crocodile” in the country.
Within ten years of its establishment, Tomorrow Group quickly became a super “financial consortium” worth hundreds of billions of dollars.
According to “New Fortune” data, Tomorrow had stakes in 44 financial companies by the end of June 2017, covering almost all key areas in the financial industry. They included 17 banks, nine insurers, eight securities firms, four trust firms, three funds, one leasing company, and two future companies. Xiao also had business in agriculture.
However, the Wall Street Journal reported that after his vanishing, the Chinese regime took down his business empire. In 2020 China’s banking and insurance watchdog took control of nine financial institutions, all linked to his Tomorrow Group.
According to the Wall Street Journal, Xiao’s wealth was estimated at 5 billion dollars at the time of his disappearance. He is expected to be charged with illegally collecting public deposits. In China, the judicial branch is not independent, and courts hardly find defendants not guilty.
Citing overseas reports, TimedNews reported that the Jianhua case might involve Jiang Zemin’s family. Jianhua became rich when the dictator Jiang Zemin still held the position of General Secretary of the CCP, the most powerful position in the Chinese regime.
Wang Youqun, political commentator and former copywriter for a member of the CCP Standing Committee, said that the involvement of many of the CCP’s officials is the primary reason the Jianhua case has set a record period to review.
As the 20th National Congress is coming, the CCP’s infighting has become more intense. Wang Youqun supposed that the Jianhua case shows the fighting between two opposite forces in the CCP, the Xi Jinping’s faction and the Jiang Zemin’s faction. He said this could be the major reason behind the suppression of the tycoon.