According to the Wall Street Journal, China, on Monday, started a trial of billionaire Xiao Jianhua, founder of Tomorrow Group. 

Xiao Jianhua, a politically connected financier, disappeared five years ago in Hong Kong. He has not been seen in public since then.

Before his disappearance, Mr. Xiao was known for having close connections with the top political elites in China. He reportedly also had ties to China’s military. 

Under Chinese leader Xi Jinping’s anti-corruption campaign, Xiao was one of the high-profile Chinese businessmen targeted.

At his height, his business empire included 44 companies worth hundreds of billions of dollars, covering almost all critical areas in the financial industry.

The Wall Street Journal reported that the Chinese communist regime took down his entire business empire after his disappearance. China’s banking and insurance watchdog, China Banking and Insurance Regulatory Commission, in July 2020, took control of six financial institutions, all linked to his Tomorrow Group. 

They included four insurers; Huaxia Life Insurance Co., Tianan Life Insurance Co., Tian An Property Insurance Co., and Yian Property Insurance Co., and two trust firms; New China Trust Co. and New Times Trust Co.

Furthermore, China’s securities regulator also took control of three securities firms related to his financial consortium. They included: New Times Securities, Guosheng Securities, and Guosheng Futures.

The regime’s watchdogs cited law violations as a reason to take control of those firms.

Xiao is expected to be charged with illegally collecting public deposits. However, in China, the judicial branch is not independent, and courts rarely find defendants not guilty.

Xiao Jianhua is rumored to have close connections with the Jiang Zemin family, the Zeng Qinghong family, the Deng Xiaoping family, the Chen Yun family, and other powerful families of the Chinese Communist Party.

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