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Former Head of China’s Largest Financial Asset Management Company Sentenced to Death

anti-corruption China China Business & Economy China finance Chinese Regime

Former Head of China’s Largest Financial Asset Management Company Sentenced to Death

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BEIJING—The former chairman of China Huarong Asset Management Co. has been sentenced to death, a court in the northern city of Tianjin said on Jan. 5, in one of the country’s highest-profile corruption cases. Lai Xiaomin was convicted of receiving or seeking bribes totaling 1.788 billion yuan ($276.72 million) from 2008 to 2018, when he was also a senior banking regulator, according to the Secondary Intermediate People’s Court of Tianjin. Lai, who was expelled from the ruling Communist Party in 2018, was also convicted on a charge of bigamy. Chinese authorities alleged that Lai extorted bribes, colluded with others to embezzle large amounts of public assets, and took advantage of his positions to seek improper benefits for those who bribed him. Reuters was unable to contact Lai or his lawyer for comment. “Lai Xiaomin was lawless and extremely greedy,” the court statement said. Huarong said its Communist Party committee supports …

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