Xiao and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai First Intermediate Court said.
Xiao and Tomorrow have “severely violated a financial management order” and “hurt state financial security”, the court said, with the tycoon additionally fined 6.5 million yuan for the crimes. Among the nine firms were four insurers – Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co – as well as New Times Trust Co and New China Trust Co. The other three were Chengtong Securities, Guosheng Securities and Guosheng Futures.
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