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Wan LixinOpinion deputy editor of Shanghai Daily
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Death for former chairman of Huarong
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LAI Xiaomin, former board chairman of China Huarong Asset Management Co Ltd, was sentenced to death yesterday after he was found guilty of graft and bigamy in one of the country’s highest profile corruption cases.
The sentence was handed down by the Second Municipal Intermediate People’s Court of Tianjin.
The court also ruled that his political rights shall be deprived for life and all his personal properties shall be confiscated. It ordered Lai to turn over all his illicit gains, including any interest accrued, to the state treasury.
The court found that between 2008 and 2018, Lai took undue advantage of his various posts in the former China Banking Regulatory Commission and Huarong, among others, to assist certain organizations and individuals with financing, project contracting, business operations and job promotion or transfer.
In return, he accepted money and gifts worth over 1.78 billion yuan (US$276 million), according to the verdict.
From the end of 2009 to January 2018, Lai took advantage of his positions to embezzle and extort public funds of more than 25.13 million yuan, in collusion with others. He also started a second family while still married to his wife, said the verdict.
The court ruling said the amount of Lai’s bribes was “particularly huge,” and the circumstance was particularly severe, noting that the intention behind his crimes was very ill.
It also stressed that Lai had violated rules in deciding some major corporate affairs, and in meddling in some specific projects.
Lai’s crimes have undermined the country’s financial security and financial stability, leading to extremely adverse social impact.
“Lai Xiaomin is lawless and greedy in the extreme,” the ruling said. “His crimes are extremely serious and must be punished severely under law.”
Lai was placed under investigation by the Party’s corruption watchdog in 2018 and expelled from the Party later the same year.
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