The People's Procuratorate of Tianjin Municipality has decided to arrest Lai Xiaomin, former chairman of China Huarong Asset Management, according to official statements Tuesday.

Lai was expelled from the Communist Party of China and removed from his post for serious violations of Party disciplinary rules and law last month.

(Photo: People's Daily)

The CPC Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission have finished an investigation into Lai's case.

He was found to have violated the central authorities' principles and policies on financial work. The company's chaotic expansion and out-of-order operations have resulted in a serious deviation from its primary business.

(Compiled by Bai Yuanqi)