Billionaire Xiao Jianhua, serving a 13-year sentence for corruption, secretly invested $1B in Jack Ma's companies.
Billionaire Xiao Jianhua, serving a 13-year sentence for bribery and corruption, secretly invested in Jack Ma's companies, an investigation by the New York Times and The Wire China found. Xiao, known for manipulating markets and having close ties to Chinese officials, invested $1B through a network of shell companies and stand-ins. Ma, who once defied the authorities, has now retreated from public life.
July 21, 2024
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