Lai Xiaoming, former Chairman of the Board of China Huarong Asset Management Co. Ltd., was expelled from the Communist party of China (CPC) and dismissed from the office for numerous violations.
“Barking’s illegally acquired property will be confiscated, and he faces criminal prosecution for alleged crimes,” the statement said.
The party found that Lai violated the political discipline and rules of the Central government, as well as the principles and policies regarding financial work: the expansion of the company and break-even operations led to a serious deviation from its core business.
“He pursued personal glorification, engaged in superstitious actions and refused to cooperate in the investigation,” the statement said.
He said that by attending state-funded banquets, visiting private clubs and luxury restaurants, and allowing relatives to travel using public funds, he violated eight points of the party’s rules to improve the behavior of the party and the government.
Other offences included failure to submit personal files to the authorities, accepting money and gifts, and seeking profits for the business of relatives.
His actions to obtain huge amounts of money and gifts, as well as illegal possession of state assets, also put him on the radar for alleged crimes of bribery and embezzlement.
“As a party member holding a leadership position, Lai lost his ideals and beliefs without showing party consciousness or commitment to the principles of the party,” the statement said.
Even after the 18th national Congress of the CPC, he still showed no signs of restraint, and his case of corruption is “extremely serious” and should be severely punished, he added.