As a final conclusion to country’s biggest corruption case, China sentences Lai Xiaomin to death
Tianjin court described the bribes as 'particularly serious' and 'extremely large'.
China has sentenced Lai Xiaomin, the ex-chairman of China Huarong Asset Management Co. the country’s largest state-controlled asset management firm, to death over corruption charges.
According to the reports, Lai minted $260 million in bribes and corruption. Xiaomin was a former member of China’s communist party. In a detailed televised confession, he admitted to the corruption allegations and showed footage of cabinets in his Beijing apartment with cash stuffed inside them.
Tianjin court described the bribes as ‘particularly serious’ and ‘extremely large’. Lai was also found guilty of bigamy and was accused of having illegitimate children outside his marriage.
What is Huarong?
Huarong was among the four companies set up in 1999 to help China clean up debt piles and help the choked banking system. It later expanded into a loan, investment in the property business.
In April 2018, he was removed from his position and also stripped of his party membership. He was also alleged to use his political influence and embezzle more than $3.8 million from public funds between the years 2009 to 2018. In his confession, Lai claimed that he didn’t use a single penny from the money, and just ‘kept it there’.
He called his apartment a ‘supermarket’. He also showed luxury cars and gold bars that were accepted by him as bribes. The sentencing has put a full stop to China’s biggest financial crime, putting out a strong stance on corporate wrongdoings and corruption.
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