Lai Xiaomin, former board chairman of China Huarong Asset Management Co. Ltd., has been expelled from the Communist Party of China (CPC) and dismissed from office for multiple violations.

China Huarong Asset Management Co. Ltd. (Photo: VCG)

The CPC Central Commission for Discipline Inspection and the National Supervisory Commission said in a statement on Monday that they had conducted an investigation into Lai.

"Lai's illegal gains will be confiscated, and he will face prosecution for suspected crimes," the statement said.

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

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

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.

Other offenses included not reporting personal matters to authorities, accepting money and gifts, seeking profits for relatives' businesses and trading power for sex.

His acts of accepting huge amounts of money and gifts, and illegal possession of public assets also put him on the radar for alleged crimes of bribery and embezzlement. 

"As a Party member in a position of leadership, Lai lost his ideals and convictions, showing no Party consciousness or commitment to Party principles," the statement said.

Even after the 18th CPC National Congress, he still showed no sign of restraint, and his case of corruption is "extremely serious" and should be harshly punished, it added.