CHINA Former Huarong board chairman Lai Xiaomin sentenced to death for graft

CHINA

Former Huarong board chairman Lai Xiaomin sentenced to death for graft

Xinhua

17:30, January 05, 2021

File photo of Lai Xiaomin.(Photo: IC)

TIANJIN, Jan. 5 (Xinhua) - Lai Xiaomin, former board chairman of China Huarong Asset Management Co., Ltd., was sentenced to death Tuesday after he was found guilty of graft and bigamy.

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.

The court 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 (about 276 million U.S. dollars), 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 was also found guilty of bigamy, 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.

Also, his crimes have caused "a great loss" to the interests of the state and the people.

Considering the circumstances of his crimes, the court decided that he did not deserve a lenient sentence.

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