Lai Xiaomin, the former head of China’s largest state-owned asset management company, was executed on Friday after a court sentenced him to death on corruption charges involving $ 276 million and bigamy.
The Tianjin Municipal Second Intermediate People’s Court, which sentenced him to death, said earlier in its ruling that between 2008 and 2018, Lai, former chairman of the board of China Huarong Asset Management Co, took improper advantage. of his various positions in the former China Banking. Regulatory Commission and Huarong, among others, to assist certain organizations and individuals with financing, project procurement, business operations, and job promotion or transfer.
In return, he accepted cash and gifts worth more than 1.78 billion yuan (about $ 276 million), according to the verdict.
From late 2009 to January 2018, Lai used his positions to embezzle and extort public funds of more than 25.13 million yuan, in collusion with others. He was also found guilty of bigamy, according to the verdict.
The court ruling said the amount of Lai’s bribes was “particularly huge” and the circumstances were particularly dire, noting that the intent behind his crimes was very bad.
His crimes have caused “great loss” to the interests of the state and the people, he said.
Given the circumstances of his crimes, the court decided that he did not deserve a lenient sentence.
Last week, Chinese President Xi Jinping said corruption remains the biggest risk for the ruling Chinese Communist Party (CCP).
“People deeply feel that in times of storm, they can always count on the strong leadership of the Party and the authority of the CPC Central Committee,” Xi said.
“Corruption, as the biggest risk to Party governance, still exists,” Xi said, addressing the powerful anti-corruption body of the CCP, the Central Commission for Discipline Inspection (CCDI).
He said the old and new types of corruption have become intertwined and corruption is increasingly secretive and complex.
“The struggle between corruption and anti-corruption efforts will continue to exist for a long time to come,” Xi said, hinting that his anti-corruption campaign that made him popular in the country will continue.
“There is no alternative in the fight against corruption, and we must move forward despite the difficulties,” he said.