China sentences former Huarong chairman to death over bribery

Lai Xiaomin was found guilty of receiving a total of $277 million in bribes between 2008 and 2018. Chinese authorities are taking an increasingly tough stance on corporate malfeasance, broadening President Xi Jinping’s eight-year corruption crackdown into the nation’s boardrooms.
More than 1 million government officials have been punished in Xi Jinping’s anti-corruption campaign, the People’s Daily had reported earlier(AP)
More than 1 million government officials have been punished in Xi Jinping’s anti-corruption campaign, the People’s Daily had reported earlier(AP)
Published on Jan 05, 2021 05:09 PM IST
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ByBloomberg | Posted by Ayshee Bhaduri

Lai Xiaomin, former chairman of China Huarong Asset Management Co., was sentenced to death for taking bribes, corruption and bigamy, in one of the nation’s biggest financial crime cases.

Lai was found guilty of receiving a total of 1.79 billion yuan ($277 million) in bribes between 2008 and 2018, according to the local court of Tianjin City. All his personal assets will be confiscated, the rulings said.

In early 2020, Lai confessed in state TV documentary that he preferred cash payments and said he would drive trunk loads of bills to a Beijing apartment, where more than 200 million yuan was uncovered by police later. Detained in 2018, he was found to own a large number of properties, luxury watches, cars, gold and art collections.

Chinese authorities are taking an increasingly tough stance on corporate malfeasance, broadening President Xi Jinping’s eight-year corruption crackdown into the nation’s boardrooms. More than 1 million government officials have been punished in Xi’s anti-corruption campaign, the People’s Daily had reported earlier.

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Tuesday, November 30, 2021