A former banker was sentenced to death in China for corruption and bigamy, in a verdict considered exceptional in the business world and that warns of a stricter control by the communist government of that country over the financial sector.
Lai Xiaomin, former head of the financial conglomerate China Huarong, was found guilty by a court at the get 260 million dollars in bribes and generate an embezzlement of 3.8 million dollars in public funds.
The figures are “very important and the circumstances particularly serious and there was clearly an intention to commit a crime“the court of the northern region of Tianjin said in its verdict.
Lai was also convicted of bigamy at having “lived with other women for a long time” outside of their marriage, with whom he had illegitimate children, reported the news agency Tlam.
In January 2020, Lai made a confession broadcast on public television CCTV showing images of an apartment in Beijing that he allegedly owned, with safes and cabinets full of wads of money. The photos also showed luxury cars and gold bars that the defendant had allegedly accepted as a bribe.
Lai Xiaomin, who had worked at the Central Bank and for the banking supervisory agency, said that had not “spent a single penny” nor had he dared to do so.
China Huarong Asset Management is one of the largest managers of doubtful loans, that is, with a high probability of default. It is one of the four companies created by the Government in 1999 to clean up the banking sector, but since then it has diversified into investments, loans and the real estate sector.