Former banker sentenced to death for corruption and infidelity | the Chronicle

Former banker sentenced to death in China for corruption and bigamy in verdict deemed exceptional in business, which assumes that the government tightens its control over the financial sector as much as possible.

The court ruled that Lai Xiaomin, the former head of financial conglomerate China Huarong, obtained $ 260 million in bribes and also found him guilty of embezzling $ 3.8 million in public funds.

The numbers are “very important and particularly serious circumstances and there was clearly an intention to commit a crime”, the northern Tianjin region court said in its verdict.

Lai was also convicted of bigamy for having “lived a long time with other women” out of his marriage, with whom he had illegitimate children, AFP news agency reported.

In January 2020 Lai made a confession broadcast on public CCTV in which footage of an apartment in Beijing believed to belong to him was seen, with safes and cupboards full of wads of cash.

Lai Xiaomin, who had worked at the Central Bank and for the Banking Supervision Agency, said there was no “not spent a penny” he hadn’t dared to do it either.

The photos also showed luxury cars and gold bars that the accused allegedly accepted as sobo.rno.

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.

Since then, the group has diversified into investments, loans and the real estate sector.