Son of former Wuhan supervisory official launders over 64 million HKD in Hong Kong, claims part of funds came from Bitcoin sales

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

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 instrument." The judge will announce the sentence on July 23. In 2014, Xiao Rui was approved to reside in Hong Kong. That same year, he purchased two funds from Manulife Financial through his HSBC account for 10 million HKD. Between January 2016 and September 2017, Xiao Rui's Standard Chartered and DBS bank 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 for failing to provide transaction records. (Caixin)