Svmuu News: Xiao Rui, the son of Xiao Jun, a former member of the Wuhan Municipal Commission for Discipline Inspection, is suspected of accepting approximately 4.72 million Hong Kong dollars in bribes on his father’s behalf from mainland construction contractors, and of laundering over 64 million Hong Kong dollars through underground money transfer networks.
On June 23, the Hong Kong District Court found Xiao Rui guilty on all four counts of “money laundering” and one count of “using a copy of a false document”; the judge will announce the sentence on July 23.In 2014, Xiao Rui was granted residency in Hong Kong; that same year, he used his HSBC account to purchase two funds from Sun Life Financial for 10 million Hong Kong dollars.Between January 2016 and September 2017, Xiao Rui’s Standard Chartered and DBS accounts received multiple remittances totaling more than 54 million Hong Kong dollars.
Xiao Rui argued that part of the funds came from the sale of Bitcoin, but the judge rejected his testimony on the grounds that he could not provide transaction records. (Caixin)