Chinese Court Hands Death Sentence to State Bank Official for $325 Million Bribery

Lai Xiaomin, the former chairman of China Huarong Asset Management Co. Ltd., has been sentenced to death by a Chinese court for corruption and bigamy. The Tianjin No. 2 Intermediate People's Court found that Lai accepted bribes totalling more than 1.79 billion yuan (approximately $325 million) over a decade, a sum described as "particularly huge" and the circumstances "particularly serious" by the court.

The court’s verdict outlined how Lai exploited his various positions within the state-owned financial conglomerate, including as chairman, to assist organisations and individuals in securing valuable contracts, making investments, and obtaining promotions. In return, he received substantial payments and gifts. The judgement also cited Lai's bigamy, noting that he had lived with another woman as husband and wife for extended periods while legally married.

Lai's case has been prominently featured in state media, including a television exposé that showed his Beijing apartment containing safes and cabinets reportedly stuffed with cash. This public display aligns with Beijing's ongoing anti-corruption campaign, which critics abroad often perceive as a tool to consolidate power and eliminate political rivals under the guise of combating graft.