Son of Former Wuhan Supervisor Official Launders Over HK$64 Million 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 Supervision Commission, was suspected of accepting approximately HK$4.72 million in bribes from mainland engineering contractors on behalf of his father, and also laundered over HK$64 million 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 for residence in Hong Kong. That same year, he used HK$10 million 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 HK$54 million.

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)