China executes former financial official Lai Xiaomin in 'especially enormous' bribery case

China on January 29 executed former head of a state-owned asset management company over charges of taking bribes along with other forms of corruption and bigamy, reported state broadcaster CCTV. Lai Xiaomin, the ex-chairman of Huarong which is also one of China’s largest state-controlled firms was put to death by a court in the northern city of Tianjin after announcing his death sentence earlier this month.  Lai was also among the thousands of officials snared in a long-running anti-graft campaign led by Chinese President Xi Jinping. Other former officials including China’s former insurance regulator have been sentenced to prison.

As per reports, The Second Intermediate People’s Court of Tianjin justified 58-year-old’s death sentence by saying that he took “especially enormous” bribed to make investments, offer contrition contracts and even help with promotions to provide further favours. Lai reportedly either asked for or collected 1.8 billion yuan ($260 million) over the period of 10 years, the court said. It also said that one bribe was of more than 600 million yuan ($93 million). Further, he was also embezzling more than 25 million yuan ($4 million) and started a second family while being already married to the first wife. 

Lai “endangered national financial security and financial stability,” said a commentary on the state TV website further adding that the death penalty “was his own responsibility, and he deserved it”.  CCTV even quoted the Chinese Supreme People's Court said, “The amount of bribes received by Lai Xiaomin was extremely large, the crime's circumstances were particularly serious and the social impact was particularly severe.”

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Lai placed under investigation in 2018

As per reports, Lai was placed under investigation by the ruling Chinese Communist Party’s anti-corruption watchdog two years ago and was expelled from the party later in 2018. The 58-year-old was reportedly accused of squandering public money,  illegally organizing banquets, engaging in sexual dealings with multiple women and taking bribes. Following the inquiry, investigators even seized hundreds of millions of yuan in cash from Lai’s properties

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Image Credits: The Associated Press