(File photo: Huarong Asset Management)

Lai Xiaomin, former chairman of China Huarong Asset Management has been expelled from the CPC and removed from his post for "serious violation of Party disciplinary rules and law," said a statement by China's top anti-graft body on Monday.

The CPC Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission Monday said in the statement that they have conducted an investigation into Lai's case.

He will also be prosecuted with illegal gains confiscated, the statement said.

Lai was found to have violated the central authorities' principles and policies on financial work, said the statement, adding the company's pell-mell expansion and out-of-order operations have resulted in a serious deviation from its primary business.

He had pursued personal glorification, engaged in superstitious activities and refused to cooperate in the investigation, said the statement.

By attending banquets paid with public funds, visiting private clubs and luxury restaurants and allowing relatives to travel using public funds, he violated the Party's eight-point rules on improving Party and government conduct, it said.

(With input from Xinhua)