Son of Former Wuhan Commission Official Convicted of Money Laundering Over 64 Million HKD, Claims Funds from Bitcoin Sales

Odaily Planet Daily News: Xiao Rui, son of Xiao Jun, former member of the Wuhan Municipal Commission for Discipline Inspection, was found to have accepted approximately 4.72 million HKD in bribes on behalf of his father from mainland engineering contractors, and also laundered over 64 million HKD through underground banks.

On June 23, the District Court of Hong Kong ruled Xiao Rui guilty on all 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. That same year, he used 10 million HKD from his HSBC account to purchase two funds from Sun Life Financial. 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 as he could not provide transaction records. (Caixin)