GJKKO releases the head of 'Bankers Petroleum' from prison

Hongping Xiao

The Special Court has decided to release from custody the Chinese CEO of Bankers Petroleum, Hongping Xiao, by placing him under house arrest.

The decision comes just a few days after SPAK's request to extend the investigation deadlines by 3 months for the "Bankers" file.

The request was made with the argument of conducting additional investigative actions due to the complexity of the case.

Xiao was the only one serving a prison sentence, while all the other defendants are serving lighter sentences.

According to SPAK, Bankers has made oil sales and exports worth a total of 532 billion lek, but has declared losses for each year, totaling 11.7 billion lek, avoiding profit tax and benefiting from dubious VAT refunds./ CNA 

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