Udayavni Special

Former head of China state asset firm sentenced to death


PTI, Jan 5, 2021, 8:20 PM IST

Beijing: The former head of state-owned China Huarong Asset Management Company Limited was sentenced to death on Tuesday for bribe-taking in one of the harshest punishments for economic crimes in recent years.

Lai Xiaomin, 58, was also found guilty by the Second Intermediate People’s Court of Tianjin of lesser charges including corruption and bigamy.

Life sentences and suspended death sentences commuted to life after two years are frequently handed down in corruption cases, but death sentences without the chance of reprieve have become rare in recent years. Such sentences are automatically appealed to China’s highest court.

Lai was placed under investigation by the ruling Communist Party’s corruption watchdog in 2018 and expelled from the party later the same year.

In its ruling, the Tianjin court cited the “especially enormous” size of the bribes Lai accepted, saying they exceeded 600 million yuan ($93 million) in one instance.

In total, it said Lai collected or sought to collect 1.79 billion yuan (US$260 million) over a decade in exchange for abusing his position to make investments, offer construction contracts, help with promotions and provide other favours.

He was also convicted of embezzling more than 25 million yuan (almost $4 million) in state assets and starting a second family while still married to his first wife.

Although Lai provided useful details about malfeasance by his subordinates, the seriousness of his bribe-taking and “degree of harm caused to society” were not enough to win him leniency, the court said in its ruling.

“Lai Xiaomin is lawless and greedy in the extreme,” the ruling said. “His crimes are extremely serious and must be punished severely under law.”

Huarong is one of four entities created in the 1990s to buy non-performing loans from banks, helping to revive the state-owned finance industry. Such asset management companies expanded into banking, insurance, real estate finance and other fields.

Lai was accused of squandering public money, illegally organising banquets, engaging in sexual dealings with multiple women and taking bribes, the anti-corruption agency said in 2018.

Investigators seized hundreds of millions of yuan (tens of millions of dollars) in cash from Lai’s properties, the Chinese business news magazine Caixin reported in 2018.

Lai was one of the hundreds of officials at government agencies, state companies and the military who have been detained in an anti-corruption crackdown launched in 2012. Other senior officials snared in the crackdown include a former head of China’s insurance regulator.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Xi Jinping warns Davos World Economic Forum against “new cold war”

Republic is from you, it belongs to you: Rahul wishes people on R-Day

India successfully test-fires new-generation Akash missile

India records 9,102 fresh COVID-19 cases, 117 fatalities in a day

Watch Live: India celebrates 72nd Republic Day

Sean Desai becomes first NFL coordinator of Indian descent

Kalaburagi: Sons build temple in memory of their parents


Related Articles More

Xi Jinping warns Davos World Economic Forum against “new cold war”

Sean Desai becomes first NFL coordinator of Indian descent

Airlifted COVID vaccines to 9 countries, will gradually supply to WHO’s COVAX facility informs India at UN

It will take long time to beat virus, says Biden

Janet Yellen to be first woman US treasury secretary

MUST WATCH

Mithun Shetty Hebri | Banana Farming information Guide for Beginners

Violators who set fire to crop and disconnected the power from pump set! | Udayavani

Swimming in Padmasana Posture | Gangadhar G Kadekar sets Record

The lorry driver’s disaster on the national highway: Hundreds of lives saved | Udayavani

Compol appeals people to share info regarding any untoward developments through Whatsapp

Latest Additions

Xi Jinping warns Davos World Economic Forum against “new cold war”

Republic is from you, it belongs to you: Rahul wishes people on R-Day

Indian economy estimated to contract by 9.6% in 2020, grow at 7.3% in 2021: UN

India successfully test-fires new-generation Akash missile

Top bollywood lyricist, poets to take part in first ever All India poetry event in Jammu

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.