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Corruption in China
ChinaPolitics

Ex-chairman of China Huarong Asset Management sentenced to death for bribery

  • Lai Xiaomin, 58, was convicted of accepting US$277 million in bribes, corruption and bigamy
  • He is now the second senior Chinese official awaiting execution for graft

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Lai Xiaomin stands trial at the Tianjin No 2 Intermediate People’s Court in August. Photo: Weibo
William Zheng

The former chairman of one of China’s top four state asset managers was sentenced to death on Tuesday for accepting 1.79 billion yuan (US$277 million) in bribes.

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Lai Xiaomin, 58, was sentenced by the Tianjin No 2 Intermediate People’s Court after he was found guilty of taking bribes, corruption and bigamy, according to official news agency Xinhua.

“Although Lai had provided information about crimes committed by his subordinates … the court ruled that [he] did not deserve leniency after taking into account the serious damage his crimes have inflicted on society,” the court statement quoted by Xinhua said.

The court also ordered that all of Lai’s personal assets be confiscated. It was not clear if Lai would appeal.

Lai Xiaomin was party secretary and chairman of China Huarong and director general of the People’s Bank of China’s banking supervision department. Photo: May Tse
Lai Xiaomin was party secretary and chairman of China Huarong and director general of the People’s Bank of China’s banking supervision department. Photo: May Tse
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Lai was convicted of taking advantage of his positions and accepting bribes between 2008 and 2018 when he was party secretary and chairman of Hong Kong-listed China Huarong Asset Management, and director general of the People’s Bank of China’s banking supervision department.

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