Ex-chairman of Huarong sentenced to death for taking $277 million bribes
Published: Jan 05, 2021 06:55 PM

China Huarong Photo: cnsphoto

Lai Xiaomin, former chairman of China Huarong Asset Management Co, was sentenced to death for taking huge bribes and bigamy, with his political rights withdrawn and all assets being confiscated, a court in North China's Tianjin ruled on Tuesday.

The Secondary Intermediate People's Court of Tianjin announced a verdict. His private asset worth 2 million yuan ($309,600) was confiscated by the court.

The money and other assets that he received in the form of bribes, as well as any bank interests arising from them, would be sought and recovered before being turned over to the state coffers, according to the verdict.

Lai was found to have taken advantage of his positions to help other entities and individuals with fund-raising, contracting projects, running enterprises, getting promotions and job transfers between 2008 and 2018, according to the court.

He directly or through third parties, accepted or solicited money and assets worth more than 1.79 billion yuan, the court said. 

Between the end of 2009 and January 2018, Lai took advantage of his positions to infringe public funds of more than 25.13 million yuan. While Lai remained married to his wife, he was found to have cohabitated with another woman and fathered children, the court said.

The Secondary Intermediate People's Court of Tianjin said that Lai's behavior constituted bribery, embezzlement and bigamy. The amount of bribes involved in Lai's case is "extraordinarily enormous", an instance of grave violation that is extremely subjectively malignant.

Out of his 22 bribery offenses, one involves an amount of more than 200 million yuan, one involves more than 400 million yuan, and another one involves 600 million-plus yuan, the court disclosed, and six offenses amounted to more than 40 million yuan.

Lai was involved in soliciting bribes and taking other people's money or assets for offering a hand in their job appointments and promotions, which deserve severe punishment, said the court.

Lai is also accused of taking advantage of his power as a state-owned financial firm senior executive to get out of line when it came to decision-making for major company projects. Lai also bypassed his immediate supervisors to intervene in specific projects and sought illegitimate interests for other people, undermining national financial stability and having a grossly negative impact on society, the court said.

Describing Lai as lawless and extremely greedy, and whose criminal offenses occurred mostly after the 18th Party Congress, the court said his deeds have caused particularly hefty losses to the country and the people and should be severely punished by law.

China Huarong on Tuesday expressed resolute support for the ruling in ex-chairman Lai Xiaomin's case. The company said in a statement on its website that the sentence embodies the Communist Party of China Central Committee's resolve to exercise Party self-governance with rigor and zero tolerance for  corruption, as well as the seriousness and majesty of laws.

Global Times

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