Ex-head of Chinese state asset firm executed for taking $277 million in bribes

A former chairman of one of China’s top state-owned asset management companies was executed for bribery, corruption and bigamy. China Global Television Network reports.

Lai Xiaomin, 58, former party secretary and chairman of China Huarong Asset Management Co., was sentenced to death on January 5 and executed by the Second Municipal Intermediate People’s Court of Tianjin on January 29.

His personal properties were also confiscated.

According to the court, between 2008 and 2018, Lai illegally embezzled more than $ 3.9 million, received bribes of $ 277 million, and cohabited with other women over the years while still married.

His appeal was dismissed on January 21 by a higher court in Tianjin.

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

The court also allowed the defendant to meet with close relatives before the execution.

Lai was removed from office and expelled from the Communist Party in 2018.

Huarong, as well as Cinda, Great Wall and China Orient, are the four biggest investment holding companies in China primarily engaging in asset management, including handling mounting bad debt in state-run banks.