Son of Former Wuhan Supervisory Official Launders Over 64 Million HKD in Hong Kong, Claims Partial Funds Came from Bitcoin Sales

Odaily Odaily News: Xiao Rui, son of Xiao Jun, a former member of the Wuhan Municipal Supervisory Commission, is suspected of accepting approximately 4.72 million HKD in bribes on behalf of his father from mainland engineering contractors, and also laundering over 64 million HKD through underground banks.

On June 23, the District Court of Hong Kong found Xiao Rui guilty on four counts of money laundering and one count of using a copy of a false instrument. The judge will announce the sentence on July 23. In 2014, Xiao Rui was approved for residence in Hong Kong, and that same year, he used his HSBC account to purchase two funds from Sun Life Financial for 10 million HKD. Between January 2016 and September 2017, Xiao Rui's Standard Chartered and DBS accounts received multiple remittances totaling over 54 million HKD.

Xiao Rui claimed that part of the funds came from selling Bitcoin, but the judge rejected his testimony, citing a failure to provide transaction records. (Caixin)