Shenglin Xian, the founder of Wealth One Bank, has spoken out against the allegations of Chinese interference that have tarnished his reputation and forced him out of his own company. Xian, a 68-year-old Canadian citizen who immigrated from China in 1993, says he has done nothing wrong and has been treated unfairly by the government and the media.
A success story turned sour
Xian started his career in Canada as a bicycle importer, then became one of the top insurance brokers for London Life. In 2001, he joined then-prime minister Jean Chretien’s trade mission to China, where he met with Chinese officials and business leaders. He later founded Wealth One Bank in 2016, with the aim of serving the financial needs of new Chinese immigrants who faced barriers from established institutions.
Xian’s achievements were celebrated as a Canadian immigrant success story, until he became the target of a federal investigation into allegations of Chinese political interference. In April 2023, Finance Minister Chrystia Freeland ordered Xian to divest all his shares in Wealth One and banned him from entering the bank’s premises. The minister’s directive was based on a confidential report from the Canadian Security Intelligence Service (CSIS), which claimed that Xian had ties to the United Front Work Department (UFWD), a branch of the Chinese Communist Party that seeks to influence foreign governments and diaspora communities.
Xian denies any wrongdoing
Xian denies any involvement with the UFWD or any other Chinese political entity. He says he has cooperated fully with the authorities and provided thousands of documents to prove his innocence. He also says he has no personal or business relationship with any of the Liberal candidates who were accused of being part of a Chinese influence campaign in the 2019 and 2021 federal elections.
Xian says he is a proud Canadian who loves this country and respects its laws and values. He says he has never done anything to harm Canada’s national security or sovereignty. He says he has only tried to contribute to Canada’s economic and social development through his entrepreneurial and philanthropic activities.
Xian faces ostracism and discrimination
Xian says he has suffered greatly from the allegations and the minister’s order. He says his reputation has been ruined, his bank account has been closed, his donations have been rejected, and his credit card applications have been denied. He says he feels like an outcast in his own country, and that he has experienced racism and discrimination from some segments of society.
Xian says he is not seeking sympathy or pity, but justice and fairness. He says he will fight to clear his name and restore his dignity. He says he hopes that Canadians will not judge him based on rumours and innuendos, but on facts and evidence.
