BEIJING â The former chairman of China Huarong Asset Management Co. has been sentenced to death, a court in northern Tianjin city said on January 5 in one of the country’s most high-profile corruption cases. country.
Lai Xiaomin was convicted of receiving or seeking bribes totaling 1.788 billion yuan ($ 276.72 million) from 2008 to 2018, while he was also a banking regulator main, according to the Tianjin Secondary Intermediate People’s Court.
Lai, who was kicked out of the ruling Communist Party in 2018, was also found guilty of bigamy.
Chinese authorities alleged that Lai extorted bribes, has colluded with others to misappropriate large amounts of public property and has used his positions to seek unjustified advantages for those who bribed him.
Reuters could not contact Lai or his lawyer for comment.
“Lai Xiaomin was lawless and extremely greedy,” the court statement read.
Huarong said his Communist Party committee supported the verdict.
“Lai Xiaomin’s harsh treatment reflects the strong determination of the Central Committee with leader Xi Jinping as the core to administer the party and its zero tolerance to punish corruption,” the company said in a statement.
The court noted that most of the activities in question took place after the 18th Party Congress in late 2012, when Xi came to power. He would soon start a sweep anti Corruption campaign that purged many of its political rivals.
Lai was purged amid a reshuffle in central government finance-related agencies, a hint that authorities are targeting corruption in the financial sector.
By Gabriel Crossley, Stella Qiu and Cheng Leng. The Epoch Times contributed to this report.