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Former banker sentenced to death in China for corruption and bigamy, in a verdict considered exceptional in the business world and which warns against stricter control by the communist government of this country over the financial sector.
Lai Xiaomin, former head of the financial conglomerate China Huarong, was found guilty by a court in get $ 260 million in bribes and generate a misappropriation of $ 3.8 million of public funds.
The figures are “very important and the circumstances particularly serious and there was clearly an intention to commit a crimeThe North Tianjin District Court said in its verdict.
Lai was also convicted of bigamy at have “lived a long time with other women” outside of their marriage, with whom he had illegitimate children, the news agency reported Tlam.
In January 2020, Lai made a confession broadcast on public television CCTV showing footage of an apartment in Beijing he allegedly owned, with safes and cupboards full of wads of money. The photos also showed luxury cars and gold bars that the accused allegedly accepted as a bribe.
Lai Xiaomin, who had worked at the Central Bank and for the Banking Supervision Agency, said that had not “spent a single penny” he hadn’t dared to do it either.
China Huarong Asset Management is one of the largest bad debt managers, that is, with a high probability of default. It is one of four companies created by the government in 1999 to clean up the banking sector, but since then it has diversified into investments, loans and the real estate sector.
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