Death for former China banker
The former chairman of one of China’s largest state-controlled asset management firms was sentenced to death Tuesday for soliciting $260 million in bribes, corruption, and also bigamy.
Lai Xiaomin, a former Communist Party member, gave a detailed televised confession on state broadcaster CCTV last January, which showed footage of safes and cabinets stuffed with cash in a Beijing apartment allegedly belonging to him.
Lai had abused his position in attempting to obtain the vast sum, a court in Tianjin said, describing the bribes as “extremely large” and labelling the circumstances “particularly serious”.
The former chairman of the Hong Kong-listed China Huarong Asset Management Co. - a distressed debt group - was also found guilty of bigamy after living with a woman “as man and wife for long periods” outside of his marriage and fathering illegitimate children.
Citing “further consultation” with regulators, the New York Stock Exchange has withdrawn plans to delist shares of three Chinese state-owned phone carriers China Telecom Corp, China Mobile and China Unicom Hong Kong