Reuters Bobby Yip
Today, Friday, the Chinese authorities announced the implementation of the death sentence imposed on corruption charges against the former head of the country’s largest asset management company.
The official Xinhua news agency reported that the People’s Court of Second Instance in the northern city of Tianjin today implemented the ruling issued earlier this month against Lai Xiaomin, the former chairman of the board of directors of China Huarong Corporation.
Lai was convicted of receiving or soliciting bribes worth more than $ 276 billion during the period between 2008 and 2018, when he was also the chief regulator of banks in China, in addition to embezzlement and polygamy.
The Central Commission for Discipline Inspection of the Communist Party of China and the National Supervision Committee decided in October 2018 to expel Lai from the ranks of the ruling party and dismiss him from his job post, due to his numerous violations and irregularities.
The Lai case is one of the largest corruption cases in the history of China.
Source: RIA Novosti + Xinhua