The Canadian embassy in Beijing said in a statement that Xiao Jianhua, a Chinese-Canadian billionaire who disappeared from a Hong Kong hotel five years ago, was due to stand trial on Monday.
Xiao, who was born in mainland China and has close ties to the Chinese Communist Party (CCP) elite, has not been seen in public since 2017, after being investigated by the Communist government, while specifics of the probe have not been disclosed.
Canadian Consular Officials have been following the case closely and been providing consular assistance to his family and will continue to press for consular access.
Xiao was ranked 32nd on the 2016 Hurun China Rich List, China’s version of the Forbes Rich List, with an estimated net worth of $5.97 billion at the time.
In July 2020, the dictatorship’s regulators seized a group of 9 financial institutions in a further crackdown by authorities seeking to reduce systemic financial risks.
In 2021, the Communist regime extended the one-year receivership period for these nine financial institutions for another year to conduct further risk assessment and risk management to minimize financial risks.
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