ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Politics

Ex-chairman of China's Huarong Asset Management sentenced to death

China Huarong Asset Management then chairman Lai Xiaomin celebrates after hitting a gong during the debut of the company at the Hong Kong Exchanges on Oct. 30, 2015.   © Reuters

BEIJING (Reuters) -- The former chairman of China's Huarong Asset Management Co was sentenced to death, a court in the northern city of Tianjin said on Tuesday, in one of the country's highest profile corruption cases.

Lai Xiaomin was convicted of receiving or seeking bribes totaling 1.788 billion yuan ($276.72 million) from 2008 to 2018, when he was also a senior banking regulator, according to the Secondary Intermediate People's Court of Tianjin.

He was also convicted on a charge of bigamy.

Lai was expelled from the ruling Communist Party in 2018.

It was not possible to reach him or his lawyer for comment.

Huarong, one of China's four big state asset management firms, did not immediately respond to a request for comment.

"Lai Xiaomin was lawless and extremely greedy," the court statement said.

The court noted that most of the activity in question took place after the 18th Party Congress in late 2012, referring to an event that kicked-off of a sweeping anti-corruption campaign by soon-to-be President Xi Jinping that became a hallmark of his first term.

"The social harm was huge and the crimes were extremely serious and he should be severely punished according to law," the court said.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more