Lai Xiaomin: China sentences former Huarong chairman to death for bribery
By Laura He,
06 January 2021
A Chinese court has sentenced the former chairman of a huge state-owned financial company to death after finding him guilty of bribery. It’s a rare use of the most severe punishment in a long-running crackdown by Beijing on corruption.
Lai Xiaomin — who used to chair China Huarong Asset Management — was guilty of taking or seeking bribes totaling nearly 1.8 billion yuan ($277 million), a court in the port city of Tianjin said on Tuesday. Chinese state media reported in August that he pleaded guilty at an earlier hearing in the case.