Death for former China banker

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.
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Published on Jan 07, 2021 12:52 AM IST
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Beijing | By Agencies

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.

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