The former chairman of one of China’s top four state asset managers was sentenced to death on Tuesday for accepting 1.79 billion yuan (US$277 million) in bribes.
Lai Xiaomin, 58, was sentenced by the Tianjin No 2 Intermediate People’s Court after he was found guilty of taking bribes, corruption and bigamy, according to official news agency Xinhua.
“Although Lai had provided information about crimes committed by his subordinates … the court ruled that [he] did not deserve leniency after taking into account the serious damage his crimes have inflicted on society,” the court statement quoted by Xinhua said.
The court also ordered that all of Lai’s personal assets be confiscated. It was not clear if Lai would appeal.
Lai Xiaomin was party secretary and chairman of China Huarong and director general of the People’s Bank of China’s banking supervision department.
Lai was convicted of taking advantage of his positions and accepting bribes between 2008 and 2018 when he was party secretary and chairman of Hong Kong-listed China Huarong Asset Management, and director general of the People’s Bank of China’s banking supervision department.
He was also convicted of colluding with others to illegally embezzle public assets worth more than 25.13 million yuan between the end of 2009 and January 2018.