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After attending college within the late 1980s, Xiao started promoting computer systems and within the a long time that adopted constructed an empire with various pursuits together with banking and insurance coverage.
Based on the Hurun Report, which ranks China’s wealthiest folks, Xiao was value nearly US$6 billion in 2017.
Native media in Hong Kong had reported on the time of Xiao’s disappearance that he was snatched by mainland Chinese language brokers – fuelling concern over China’s tightening affect within the monetary hub.
These fears had been on the coronary heart of huge protests that shook Hong Kong in 2019, prompted by a authorities Invoice that may have allowed extraditions to mainland China’s opaque, party-controlled judicial system.
Xiao had reportedly denied allegations that he fled to Hong Kong in 2014 to flee a corruption crackdown in China.
He’s mentioned to have acted as a dealer for the Chinese language management, together with for President Xi Jinping’s household.
“After 5 years of quietly ready, our household continues to be, primarily based on my brother’s strict directions, placing religion within the Chinese language authorities and Chinese language legislation,” Xiao’s elder brother Xinhua informed the Wall Avenue Journal in June this 12 months.
The years after Xiao’s disappearance have been marked by plummeting relations between China and Canada, sparked by the arrest in Vancouver of Meng Wanzhou – the chief monetary officer of telecoms large Huawei – on the request of america.
Following Meng’s arrest, Beijing detained two Canadians in China and focused Canadian agricultural exports.
All three had been launched in September 2021 after Meng reached a cope with US prosecutors on fraud costs, ending her battle in opposition to extradition to america.
Since then, there have been hopes of a thaw in diplomatic relations, with Beijing lifting a ban on Canadian canola imports earlier this 12 months.
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