Former senior banker executed in China for taking $155 million in bribes
The man executed in China used to work as the general manager of an asset management firm.
China on Tuesday executed Bai Tianhui, a former general manager, for taking bribes. According to reports, the execution was carried out by a court in north China's Tianjin Municipality after it was approved by the Supreme People's Court.
He was the former general manager of the asset management firm China Huarong International Holdings, reported the South China Morning Post (SCMP). He reportedly was found guilty of taking more than 1.1 billion yuan ($155 million) in bribes.
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Tianjin Second Intermediate People's Court convicted and sentenced Tianhui to death for accepting bribes on May 28, 2024. His personal property was confiscated after he was sentenced.
“The amount of bribes received by Bai Tianhui was extremely large, the crime’s circumstances were particularly serious and the social impact was particularly severe,” the court said, reported the outlet.
Reportedly, the court added that his crime harmed the interests of the state, as well as the Chinese people. Defending the sentence, the court said, “he should be severely punished according to law”.
The Supreme Court reportedly added that the facts of the case were “clear”, with “conclusive and sufficient” evidence against Tianhui. The court added that the punishment against him was “appropriate”.
The offshore unit, which Tianhui used to run, was taken over by Citic Group last year and later renamed China Citic Financial Asset Management.
The court didn’t reveal how he was executed. However, he was allowed to see his close relatives before his sentence was carried out.
Anti-corruption campaign in China:
Tianhui was arrested and later executed as a part of an ongoing anti-corruption campaign by the Central Commission for Discipline Inspection, China’s top anti-corruption watchdog.
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According to reports, the agency detained 54 state regulators, bankers, and senior financial executives this year.
Though death sentences for bribery are rare, in 2021, Lai Xiaomin, former chairman of China Huarong Asset Management, who was also Tianhui’s former boss, was executed for corruption charges.
