World news – Former China Chairman Huarong executed after being convicted of bribery

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[BEIJING] Former chairman of China Huarong Asset Management, Lai Xiaomin, was executed in a Tianjin court on Friday after being convicted of bribery, the People’s Daily reported.

In one Of the most famous corruption cases in China, Lai was found guilty of receiving or seeking bribes totaling $ 278 million from 2008 to 18 when he was also chief banking regulator. He was sentenced by the Secondary Intermediate People’s Court in Tianjin on Jan. 5.

Lai met with his close relatives before the execution was carried out by the Tianjin Court by order of the China Supreme People’s Court, the newspaper said. Lai’s « outstanding meritorious service » was not enough to get him a lighter sentence, given the « facts, nature, circumstances and extent of harm to society » caused by his bribery crimes, the People’s Daily said on appeal for a review by the Supreme Court.

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Ref: https://www.businesstimes.com.sg

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