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China Sentences Ex-Banker To Death For Corruption, Bribery
WORLD
By Editor II On Jan 6, 2021
85Shares
(DW) – A former executive at one of China’s largest state-controlled asset management firms was sentenced to death on Tuesday for alleged corruption, bigamy and solicitation of $260 million (€212 million) in bribes.
Lai Xiaomin, a former Communist Party member, gave a detailed televised confession on state broadcaster CCTV last January.
The channel showed footage of safes and cabinets stuffed with cash in a Beijing apartment allegedly belonging to him.
Lai served as chairman of the China Huarong Asset Management Co. until 2018, when investigators began looking into his affairs.
Judges in the northern city of Tianjin ruled he had abused his position with “extreme malicious intent” to obtain “extremely large amounts” of money.
His behavior “endangered national financial security and financial stability,” the court said.
Lai was also found guilty of bigamy after living with a woman “as man and wife for long periods” outside of his marriage and fathering illegitimate children.
Lai sacked from Communist Party
Officials removed him from his job in April 2018 and stripped him of his party position as part of what Chinese President Xi Jinping calls an anti-corruption drive.
Critics believe the move to rein in business executives is actually a bid to tighten Xi’s grip on the country’s economy and side-line potential rivals.
During his TV confession, Lai said he “did not spend a single penny, and just kept it there. I did not dare to spend it.”
WORLD
By Editor II On Jan 6, 2021
85Shares
(DW) – A former executive at one of China’s largest state-controlled asset management firms was sentenced to death on Tuesday for alleged corruption, bigamy and solicitation of $260 million (€212 million) in bribes.
Lai Xiaomin, a former Communist Party member, gave a detailed televised confession on state broadcaster CCTV last January.
The channel showed footage of safes and cabinets stuffed with cash in a Beijing apartment allegedly belonging to him.
Lai served as chairman of the China Huarong Asset Management Co. until 2018, when investigators began looking into his affairs.
Judges in the northern city of Tianjin ruled he had abused his position with “extreme malicious intent” to obtain “extremely large amounts” of money.
His behavior “endangered national financial security and financial stability,” the court said.
Lai was also found guilty of bigamy after living with a woman “as man and wife for long periods” outside of his marriage and fathering illegitimate children.
Lai sacked from Communist Party
Officials removed him from his job in April 2018 and stripped him of his party position as part of what Chinese President Xi Jinping calls an anti-corruption drive.
Critics believe the move to rein in business executives is actually a bid to tighten Xi’s grip on the country’s economy and side-line potential rivals.
During his TV confession, Lai said he “did not spend a single penny, and just kept it there. I did not dare to spend it.”
