According to China’s state-run Xinhua News Agency on January 31, Tianjin City’s Second Intermediate People’s Court executed the death penalty of Li Xiao-min, former chairman of Hualong Asset Management, on the morning of the 29th.
Earlier, on the 5th, the Second Intermediate People’s Court of Tianjin City received 1.78 billion yuan (about 305.7 billion won) in bribes from 2008 to 2018, and sentenced him to death at the first trial on charges of getting married (married with multiple partners). The court sentenced former Chairman Rai to the same death sentence as the first trial in the second trial on the 21st. The period from the sentence of the first trial to the execution of former chairman Rai was less than a month, 25 days.
Former chairman Lai received enormous bribes of over 300 billion won while taking important positions, including the head of the Pangong Office of Eungamhoe and the chairman of Hualong Asset Management Corporation. The amount of bribery has been the largest since the founding of the People’s Republic of China.
It is reported that only 22 bribes were received by the authorities and more than 600 million yuan (about 102.6 billion won) was received at a time. In 2018, he resigned after being investigated by the Central Disciplinary Inspection Committee, which is the Chinese Communist Party’s supervisory organization, and afterwards, a bundle of 270 million yuan (about 44 billion won) in cash, weighing 3 tons, was found at his home. In addition, despite being a married man, former President Rai committed a serious marriage crime, such as having two sons with another woman while being married for a long time. In Weibo, a Chinese version of Twitter, rumors spread that Lai had more than 100 homes and more than 100 concubines. The court confiscated all of Rai’s personal property.
The execution of former Chairman Lai took place shortly after President Xi Jinping ordered a strong eradication of corruption. President Xi presided over the 5th plenary meeting of the Central Disciplinary Inspection Committee, which is an oversight body of the Communist Party, on January 22, saying, “Corruption, which is the greatest risk of ruling in power, still exists.” ) People should feel fair and just.” He added, “Eradication of corruption is essential, not an option,” and emphasized, “Because even a little carelessness can cause the tower to collapse, we must continuously punish the forces of evil.”
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