Chinese President Xi Jinping is cracking down on corruption. Picture: REUTERS
Chinese President Xi Jinping is cracking down on corruption. Picture: REUTERS

Lai Xiaomin, former chair of China Huarong Asset Management, has been sentenced to death for taking bribes, corruption and bigamy, in one of the nation’s biggest financial crime cases.

Lai was found guilty of receiving a total of 1.79-billion yuan ($277m) in bribes between 2008 and 2018, according to the local court of Tianjin City. All his personal assets will be confiscated, the rulings said.

In early 2020, Lai confessed in state TV documentary that he preferred cash payments and said he would drive trunk loads of bills to a Beijing apartment, where more than 200-million yuan was uncovered by police later. Detained in 2018, he was found to own a large number of properties, luxury watches, cars, gold and art collections.

Chinese authorities are taking an increasingly tough stance on corporate malfeasance, broadening President Xi Jinping’s eight-year corruption crackdown into the nation’s boardrooms. More than 1-million government officials have been punished in Xi’s anti-corruption campaign, the People’s Daily had reported earlier.

Bloomberg

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