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Thursday, January 28, 2021

Former Chairman of China Huarong Asset Management Sentenced to Death for Bribery

A court in the northern coastal city of Tianjin sentenced the former chairman of state-owned China Huarong Asset Management to death on Jan. 5 for bribery, corruption, and bigamy.

A court in the northern city of Tianjin sentenced the former chairman of state-owned China Huarong Asset Management Company (CHAMC) to death on Jan. 5 for bribery, corruption, and bigamy.

The Secondary Intermediate People’s Court of Tianjin found Lai Xiaomin guilty of receiving bribes worth 1.788 billion yuan (US$276.72 million) from 2008 to 2018 in one of China’s highest profile corruption cases.

“The amount of Lai Xiaomin’s crime of accepting bribes is extremely large, the circumstances are particularly serious, and the subjective malignancy is extremely deep,” the court statement said, adding that Xiaomin was “lawless and extremely greedy.”

The court also convicted Xiaomin of colluding with others to illegally embezzle public funds that amount to over 25.13 million yuan from the end of 2009 to January 2018.

The court statement also said that Xiaomin’s crimes “have caused particularly serious losses to the interests of the country and the people, causing great social harm The crime is extremely serious and should be severely punished in accordance with the law.”

According to the court statement, Xiaomin, who was also the former director of the General Office of the China Banking Regulatory Commission, committed most of his crimes after the 2012 Communist Party Congress when Xi Jinping became president and began a sweeping crackdown on corruption.

“The severe treatment of Lai Xiaomin reflects the strong determination of the Central Committee with President Xi Jinping as the core to administer the party and its zero tolerance in punishing corruption,” CHAMC said in a statement.

The court said that the government will confiscate his personal property.

Xiaomin pleaded guilty to all charges against him during a trial last August, two years after he was detained and expelled from the ruling Communist Party for violating party law and regulations.

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