Lai Xiaomin. Photo
A Chinese court sentenced the former chairman of China’s largest wealth management company, who received 300 billion bribes, to death.
The Chinese Central Broadcasting System (CCTV) reported on the 5th that the Second Intermediate People’s Court of Tianjin City sentenced the death penalty to former chairman of Lai Xiao-min, Hualong Asset Management. Former Chairman Rai was convicted of bribery and serious marriage.
According to the court, the bribe he received from 2008 to 2018 amounted to 1.78 billion yuan (about 300 billion won). In some cases, the amount of bribes per case exceeded 200 million yuan, 400 million yuan, and 600 million yuan, respectively.
The court confiscated all of Rai’s personal property.
According to the ruling, from 2008 to 2018, Lai Xiaomin was state-owned with financial authorities, including the head of the Chinese Banking Supervision and Management Committee (Eungamhoe), the head of the Pan-Gong Office, the party secretary of the Hualong Asset Management Corporation, the secretary, the chairman, and the party secretary of Hualong Xiangjiang Bank. While in the company’s key positions, he received such a huge bribe, either directly or through a third party, while taking care of the convenience of the job and the interests of related organizations and individuals.
In addition, despite having a spouse, former chairman Rai was found to have had two children while maintaining a long-term common-law relationship with another woman in Hong Kong.
Hualong Asset Management is a large state-owned financial company listed on the Hong Kong Stock Exchange in 2015 and has 31 affiliates under its subsidiaries.
Lai Xiaomin has been working for a long time at the People’s Bank of China and the Silver Council, and since 2009, he has been cheating while holding a high-ranking position in Hualong Asset Management.
Local media, such as Jae-trust (財新網), introduced that Lai Xiao-min had more than 100 real estate acquired through corruption, received bribes from more than 100 people, and that the government alone reached 100.
Previously, former Chairman Lai resigned after being investigated by the Central Discipline Inspection Committee, the Chinese Communist Party’s supervisory agency, for violation of discipline in 2018. It was controversial.
Prior to Lai Xiaomin, China’s largest bribe was 1,0400 billion yuan received by Zhang Zhongsheng, the deputy chief of Shaanxi Province. Jang Joong-seong was sentenced to death on March 18, 2018 and executed.
Reporter Bae Jae-seong [email protected]