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'Bad bank' chief was 'enemy within,' China watchdogs say

Huarong ex-Chairman Lai's corruption case serves as warning to industry

Lai Xiaomin, former chairman of China Huarong Asset Management, was sentenced to death on Jan. 5. after he was found guilty of taking 1.79 billion yuan in bribes.   © Reuters

China's top corruption watchdog has branded a financial big shot sentenced to death for bribery as an "enemy within" for the financial system, using the high-profile case to underscore the resolve of the country's leaders to tighten their grip on bad-debt managers and curb financial risks.

The case of the former chairman of China Huarong Asset Management, one of China's "Big Four" state-owned bad-debt managers, is "shocking" and involved "extremely serious crimes" that caused significant damage to the interests of the country and its people, according to a statement published Monday by the Communist Party's Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission (NSC).

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