Disgraced financial heavyweight accused of taking biggest bribes in China

Lai Xiaomin's 100 mistresses and mother's $43m bank account shock the nation

Lai Xiaomin, former chairman of China Huarong Asset Management, stands trial on Aug. 11 in Tianjin, China. (Photo by The Second Intermediate People’s Court of Tianjin)

GUO YINGZHE, Caixin

August 12, 2020 21:42 JST

A former chairman of one of China's "Big Four" state-owned bad-asset managers, Lai Xiaomin, was accused of taking a record 1.79 billion yuan ($258 million) of bribes over 10 years as he stood trial in North China's Tianjin municipality Tuesday.

Lai's case shocked the Chinese public due to its astonishing details, such as the tons of cash stashed at his home, the 300 million-yuan bank account under his mother's name, and his over 100 mistresses.