Ex-Huarong Chairman Gets Death Sentence For Graft

The former chairman of one of China's largest state-controlled asset management firms was sentenced to death on Tuesday for soliciting 1.79 billion yuan in bribes, in one of the harshest punishments for economic crimes in recent years.

Lai Xiaomin, a former Communist Party member, gave a detailed confession on state broadcaster CCTV in January 2020, with footage of a Beijing apartment reportedly belonging to Lai replete with safes and cabinets stuffed with stacks of cash.

Lai had abused his position in attempting to obtain the vast sum, the court in Tianjin said, describing the bribes as "extremely large" and calling the circumstances "particularly serious".

He had shown "extreme malicious intent," the court ruling added.

Lai, former chairman of the Hong Kong-listed China Huarong Asset Management Co, was also found guilty of bigamy after living "as man and wife for long periods" outside of his marriage and fathering illegitimate children.

Life sentences and suspended death sentences commuted to life after two years are frequently handed down in corruption cases, but death sentences without the chance of reprieve have become rare in recent years.

Such sentences are automatically appealed to China's highest court.

Lai was placed under investigation by the ruling Communist Party's corruption watchdog in 2018 and expelled from the party later the same year.

In its ruling, the Tianjin court said Lai collected or sought to collect 1.79 billion yuan over a decade in exchange for abusing his position to make investments, offer construction contracts, help with promotions and provide other favors.

He was also convicted of embezzling more than 25 million yuan in state assets.

Although Lai provided useful details about malfeasance by his subordinates, the seriousness of his bribetaking and “degree of harm caused to society" were not enough to win him leniency, the court said in its ruling.

During his televised confession, Lai told CCTV he "did not spend a single penny, and just kept it there... I did not dare to spend it".

CCTV also showed luxury cars and gold bars that it reported Lai had accepted as bribes.

The court said Lai would have all personal assets confiscated and be stripped of his political rights.

Huarong said its Communist Party committee supports the verdict. "The severe treatment of Lai Xiaomin reflects the strong determination of the Central Committee with President Xi Jinping as the core to administer the party and its zero tolerance in punishing corruption," the company said in a statement. (AP, AFP, Reuters)

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