Former head of China’s prime asset administration agency sentenced to demise for graft

Beijing, January 5

The former chairman of the state-owned China Huarong Asset Management Co was sentenced to death on Tuesday after he was found guilty of graft and bigamy.

Ordering the sentence of Lai Xiaomin, the Second Municipal Intermediate People’s Court of Tianjin ruled that his political rights shall be deprived for life and all his personal properties shall be confiscated, the state-run Xinhua news agency reported.

The court ordered Lai, 58, 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 organisations 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 (approximately USD 276 million), 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 (almost USD 4 million) in collusion with others.

He was also found guilty of bigamy, according to the verdict.

The court 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.

His crimes have caused “a great loss” to the interests of the state and the people, it said.

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

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