Ex-Banker In China Sentenced To Death For $260 Million Bribery, Bigamy


    Ex-Banker In China Sentenced To Death For $260 Million Bribery, Bigamy

    Ex-Banker In China Sentenced To Death For $260 Million Bribery, Bigamy

    Lai Xiaomin, then chairman of China Huarong Asset Management Co., speaks throughout a conference.

    Beijing, China:

    The previous chairman of one of China’s biggest state-controlled property management firms was sentenced to death Tuesday for obtaining $260 million in bribes, corruption and bigamy.

    Lai Xiaomin, a previous Communist Celebration member, provided an in-depth confession on state broadcaster CCTV in January 2020, with video of a Beijing apartment or condo reportedly belonging to Lai replete with safes and cabinets stuffed with stacks of cash.

    Lai had abused his position in attempting to get the huge amount, the court in Tianjin said, describing the bribes as “incredibly large” and calling the situations “especially serious”.

    He had revealed “extreme harmful intent,” the court ruling added.

    Lai, former chairman of the Hong Kong-listed China Huarong Possession Management Co, was likewise found guilty of bigamy after living “as male and partner for extended periods” beyond his marriage and fathering illegitimate children.

    Lai, whose examination began in April 2018, also embezzled over 25 million yuan ($ 3.8 million) in public funds between 2009 and 2018.

    During his televised confession, Lai told CCTV he “did not spend a single penny, and simply kept it there … I did not dare to spend it”.


    CCTV likewise revealed high-end automobiles and gold bars that it reported Lai had accepted as kickbacks.

    The court in Tianjin stated Lai would have all personal assets taken and be removed of his political rights.

    Critics have said the comprehensive anti-corruption project launched under President Xi Jinping has actually also worked as a method to target his opponents and those of the Communist Celebration management.

    CCTV frequently relays interviews with suspects admitting to criminal activities, even prior to they have actually appeared in court– a practice that has long been condemned by lawyers and rights organisations as forcing confessions under duress.

    ( Except for the headline, this story has not been modified by NDTV staff and is released from a syndicated feed.)

    ( the headline, this story has actually not been published by Important India News staff and is released from a syndicated feed.).


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