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Lai Xiaomin, former chairman of China Huarong Asset Management Co. Picture credit (AFP)
BEIJING: Lai Xiaomin, former chief of China s top state-owned asset management company, was executed on Friday after a court sentenced him to death for corruption involving $276 million and bigamy.
The Second Municipal Intermediate People s Court of Tianjin, which sentenced him to death, earlier in its ruling said that between 2008 and 2018, Lai, former board chairman of China Huarong Asset Management Co, took undue advantage of his various posts in the former China Banking Regulatory Commission and Huarong, among others, to assist certain organisations and individuals with financing, project contracting, business operations and job promotion or transfer.
2021-01-29 15:35:46 GMT2021-01-29 23:35:46(Beijing Time) Xinhua English
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TIANJIN, Jan. 29 (Xinhua) China on Friday executed a corrupt former state-owned financial firm executive in a case whose graft sum set a record in the history of the People s Republic of China.
Lai Xiaomin, who took a staggering sum of bribes totaling over 1.78 billion yuan (about 276 million U.S. dollars), was executed by the Second Municipal Intermediate People s Court of Tianjin after being approved by the top court.
Lai, former board chairman of China Huarong Asset Management Co., Ltd., was convicted of bribery, embezzlement, and bigamy on Jan. 5. He was sentenced to death, with political rights deprived for life and all his assets confiscated.
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