Son of Former Wuhan Supervision Commission 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, a former member of the Wuhan Municipal Supervision Commission, is suspected of accepting bribes totaling approximately 4.72 million HKD from mainland engineering contractors on behalf of his father, and also laundering over 64 million HKD through underground banks.
On June 23, the Hong Kong District Court convicted Xiao Rui of 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. Xiao Rui was approved for residence in Hong Kong in 2014, and in the same year, he purchased two funds from Sun Life Financial through his HSBC account 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 argued that some 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)
