HEADLINES & GLOBAL NEWS
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Jan 31, 2021 04:39 AM EST
Ex-China Huarong Chairman gets the death penalty after conviction. Chinese authorities are netting those guilty of corruption as mandated by Beijing.
The Chinese mainland government is serious about keeping tabs on graft and corruption. Communist countries are unlike democratic countries where CEOS can get away with almost anything.
China has zero-tolerance for erring executives, and the former head of a Chinese state-owned asset management company learned the hard way. Last Friday, his death penalty was executed for accepting bribes because of his position. For many, they consider the punishment too severe for a corruption case, reported CNN.
China finance official executed in bribery case
by The Associated Press
Last Updated Jan 29, 2021 at 6:14 am EDT
BEIJING The former head of a Chinese state-owned asset management company was executed Friday on charges of taking bribes in one of the most severe penalties imposed in a recent corruption case.
Lai Xiaomin, 58, formerly of China Huarong Asset Management Co., was put to death by a court in the eastern city of Tianjin, the government announced.
The Second Intermediate People’s Court of Tianjin ruled in January that the unusually severe penalty was justified because Lai took “especially enormous” bribes that exceeded 600 million yuan ($93 million) in one instance. It said he sought or collected 1.8 billion yuan ($260 million) over a decade in exchange for abusing his position to make investments, offer construction contracts, help with promotions and provide other favours.
China executes finance official in bribery case
Lai Xiaomin, center, at a court hearing in Tianjin, China, on Jan. 5.
(CCTV)
BEIJING
The former head of a Chinese state-owned asset management company was executed Friday on charges of taking bribes in an unusually severe penalty for a recent corruption case.
Lai Xiaomin of China Huarong Asset Management Co. was among thousands of officials snared in a long-running anti-graft campaign led by President Xi Jinping. Others including China’s former insurance regulator have been sentenced to prison.
Lai, 58, was put to death by a court in Tianjin, east of Beijing, the government announced.
BEIJING The former head of a Chinese state-owned asset management company was executed Friday on charges of taking bribes in an unusually severe penalty for a recent corruption case. Lai Xiaomin of China Huarong Asset Management Co., was among thousands of officials snared in a long-running anti-graft campaign led by President Xi Jinping. Others including China s former insurance regulator have been sentenced to prison. Lai, 58, was put to death by a court in Tianjin, east of Beijing, the government announced. The Second Intermediate People s Court of Tianjin ruled in January that death was justified because Lai took especially enormous bribes to make investments, offer construction contracts, help with promotions and provide other favours.
Founder of Chinese Website That Exposes Officials’ Corruption Sentenced to Five Years
The founder of a Chinese news site was convicted of “illegal business operations” and sentenced to five years in prison on Jan. 7.
Li Xinde, a news reporter since the 1980s, dedicates himself to exposing government corruption. The veteran citizen journalist founded China Public Opinion Surveillance Net on Oct. 1, 2003, a website that reports on alleged misconduct and corruption of Chinese officials.
The site gained popularity and international recognition in June 2004 when it published photos depicting Li Xin, then-deputy mayor of Jining city, Shandong Province, kneeling in front of his business partner, apparently begging her to stay silent. The report alleged that he laundered money, kidnapped and intimidated a female whistleblower, and generally abused his power as a public official.