In sentencing Mr. Lai, the court picked a high-profile target. China Sentences Huarong’s Lai Xiaomin to Death admin January 5, 2021 No Comments The former chief of a big Chinese state lender was sentenced to death on Tuesday for bribery, corruption and bigamy, in a rare and dramatic example of Beijing’s use of capital punishment for economic crimes. Lai Xiaomin was board chairman and Party chief of the state-owned asset management company China Huarong. This dude had 100 mistress living together! The 58-year-old former Chinese state asset manager was killed for soliciting $300million in bribes from between 2008 to 2018. “This could be a message to the public that the Xi regime is still treating corruption as a serious issue, or it could be a message to the business elite in China that they need to keep their noses clean,” Mr. Rosenzweig said. Huarong Chairman Lai accused of taking $277 million in bribes. The former chairman of one of China’s largest state-controlled asset management firms was sentenced to death Tuesday for soliciting US$260 million … [11] In 1979, he ranked first in the county for the Gaokao examination. Photo: AFP. Both came under regulatory scrutiny after officials became skeptical of companies that borrowed heavily to build their business empires. Mr. Lai was “lawless and extremely greedy,” the Secondary Intermediate People’s Court of Tianjin said Tuesday in a statement, which added that his actions put national financial security at risk. Lai Xiaomin, an ex-chairman of the banking giant … His private assets were seized as well. TIANJIN, Jan. 5 (Xinhua) -- Lai Xiaomin, former board chairman of China Huarong Asset Management Co., Ltd., was sentenced to death Tuesday after he was found guilty of graft and bigamy. [9] He was the youngest one of the five siblings. PHOTO: AFP Lai Xiaomin … Bloomberg News. In 2013, officials executed Zeng Chengjie after a court convicted him of financial crimes. Lai Xiaomin… Lai was born into a family of very poor farmers[10] in Ruijin, Jiangxi in July 1962. Lai Xiaomin. T he bigamy conviction got a lot of the attention but Lai Xiaomin received a death sentence on Tuesday over a much more serious issue troubling China. He pled guilty to accepting 1.79 billion yuan (US$257.7 million) in bribes, and being involved in other corruption and bigamy over a period of ten years. But it has also helped him contain concerns in China that party officials were becoming increasingly corrupt. China employs the death penalty widely, though government officials do not disclose figures. He confessed to taking cash bribes last year in a televised show on state media. Reports of executions for business-related crimes dropped, though they did not disappear. [28], It is said that the character Gao Yuliang (高育良) of In the Name of the People is based on the real-life of Lai Xiaomin. Lai Xiaomin, former chairman of China Huarong Asset Management Co., Ltd., presented an appeal on the death sentence, but it was rejected in a Tianjin court, China, January 21, 2021. [9] His positions prior to his downfall included; Deputy Director of the Banking Supervision Department of the China Banking Regulatory Commission, Head of the Preparatory Team of the Beijing Supervision Bureau, Secretary of the Beijing Banking Regulatory Bureau, Secretary of the Party Committee, Director of the General Office of the China Banking Regulatory Commission, and Director of the Party Committee Office and Chief Spokesperson. Lai Xiaomin, former chairman of Huarong Asset Management, was sentenced to death today. China sentences ex-banker to death for corruption, bribery Chinese President Xi Jinping says he is trying to stamp out corruption. [4][5][6], On 5 January 2021, Lai was sentenced to death without reprieve for bribery, embezzlement, and bigamy. Lai Xiaomin was arrested in 2018 on charges of taking 1.8bn yuan (£200m, $280m) in bribes over a 10-year period, it is one of the most severe sentences to stem from President… China sentences former Huarong chairman Lai Xiaomin to death over bribery Lai Xiaomin was found guilty of receiving a total of 1.79 billion yuan in bribes between 2008 and 2018. Will Lai be made an example of as a signal to other "pests” who are waiting to crawl out of the woodwork? Why China is sentencing tycoon Lai Xiaomin to death. Former chairman of China Huarong Asset Management Co. Lai Xiaomin executed on Friday in accordance with legal procedures. [22] Despite this, Lai noted that he '“did not spend a single penny". Now, these few words may be redundant here since most subscribers to this newsletter are solid professionals on China. [25], On 5 January 2021, Lai Xiaomin was sentenced to death for receiving bribes and committing bigamy. The ex-chairman of one of China's top four state-owned asset managers, Lai Xiaomin, was sentenced to death for accepting 1.79 billion yuan (S$365.04 million) in bribes. He was promoted to deputy party secretary and president of China Huarong Asset Management in January 2009. Lai Xiaomin of China Huarong Asset Management Co., was among thousands of officials snared in a long-running anti-graft campaign led by President Xi Jinping. Rare harsh penalty signals Xi’s tough stance on corruption. The judgment against Lai Xiaomin, a former chairman of Huarong Asset Management, followed a shift away from capital punishment for white-collar crimes. Lai Xiaomin (center), the former chairman of China Huarong Asset Management Co., was sentenced to death on Tuesday for soliciting $277 million in bribes as well as bigamy. Lai Xiaomin (Chinese: 赖小民; 8 July 1962 – 29 January 2021) was a Chinese business executive and senior economist who served as party secretary and chairman of the board of China Huarong Asset Management from September 2012 to April 2018. [15], On 17 April 2018, Lai was put under investigation for alleged "serious violations of discipline and laws" by the Central Commission for Discipline Inspection (CCDI), the party's internal disciplinary body, and the National Supervisory Commission, the highest anti-corruption agency of China. He assumed various posts in the People's Bank of China, including Deputy Director and Director of the Central Funding Department of the Planning Capital Department of the People's Bank of China, Director of the Second Division of the Bank, Deputy Director of the Credit Management Department, and Deputy Director of the Bank Supervision Second Division. Lai Xiaomin, former chairman of China Huarong Asset Management, was recently charged with taking bribes worth over 1.78 billion RMB. [20], In January 2020, Lai confessed in a state TV documentary broadcast to stashing over 200 million yuan in cabinets at his apartment. Lai, 58, was put to death by a court in Tianjin, east of Beijing, the government announced. [21], On 11 August 2020, the Second Intermediate People's Court of Tianjin heard his case in public. LAI Xiaomin has become the latest high profile execution in China. [9], Beginning in July 1987, he served in several posts in the People's Bank of China, including deputy division director, division director, and deputy department director. Death penalty has been rarely used to punish corruption since the Xi new era. As far as I know, Lai … [27], Jiangxi University of Finance and Economics, Central Commission for Discipline Inspection, "China sentences top banker to death for corruption and bigamy", "Huarong Asset Chairman Lai Xiaomin Faces Graft Investigation", "China Huarong Chairman Lai Xiaomin Is Investigated For Severe Disciplinary Breaches", "China Huarong confirms chairman departs after probe, shares tumble", "Lai Xiaomin, ex-chair of China Huarong Asset Management, gets death for graft", "China executes ex-banker Lai Xiaomin in corruption, bigamy case", "Senior bank regulatory official to be named China Huarong chairman: sources", "China Huarong chairman Lai Xiaomin under investigation", "A top Chinese banker confessed to taking bribes after $29 million in cash was found in his apartment | Markets Insider", "Huarong Asset ex-boss Lai Xiaomin convicted of 1.7b yuan graft", "Ex-chairman of Hong Kong-listed bad asset manager Huarong pleads guilty to accepting US$257.7 million in bribes", "China Sentences Ex-Finance Chief to Death on Corruption", Anti-corruption campaign under Xi Jinping, Central Leading Group for Inspection Work, Civil Service of the People's Republic of China, https://en.wikipedia.org/w/index.php?title=Lai_Xiaomin&oldid=1013364421, Chinese politicians executed for corruption, People executed by China by lethal injection, Delegates to the 12th National People's Congress, Expelled members of the Chinese Communist Party, Jiangxi University of Finance and Economics alumni, Central Party School of the Communist Party of China alumni, People's Republic of China politicians from Jiangxi, Communist Party of China politicians from Jiangxi, Articles containing Chinese-language text, Articles containing simplified Chinese-language text, Creative Commons Attribution-ShareAlike License, Corruption, solicitation of bribes and bigamy, This page was last edited on 21 March 2021, at 06:27. The sentence was handed down by the Second Municipal Intermediate People's Court of Tianjin. China sentenced a top banker to death over bribery and bigamy charges, Bloomberg reported on Tuesday. The issue got an unusual public airing in 2012 when Wen Jiabao, then China’s premier, used his nationally televised annual news conference to caution courts overseeing the case of Wu Ying, a young woman who became a business tycoon but had been sentenced to death for financial fraud. This death has caused a lot of friends and family of Xiaomin so much hurt. Lai Xiaomin (Chinese: 赖小民; 8 July 1962 – 29 January 2021) was a Chinese business executive and senior economist who served as party secretary and chairman of the board of China Huarong Asset Management from September 2012 to April 2018. The High People's Court of Tianjin said on Thursday that it will uphold death penalty for Lai Xiaomin, former chairman of China Huarong Asset Management Co, … A Chinese court has sentenced a former banker and party official to death, in a high-profile bribery, embezzlement and bigamy case that has shocked the country. Lai Xiaomin, the former chairman of Huarong -- one of China's largest state-controlled asset management firms -- was put to death by a court in the northern city of Tianjin, CCTV said. [7] He was executed on 29 January 2021, merely 24 days after his sentencing. Lai was also among the thousands of officials snared in a long-running anti-graft campaign led by Chinese President Xi Jinping. As the Party secretary, he emphasized in 2015 that during the operation of China Huarong Asset Management, CCP Committee should play a central role, and party members should play an exemplary role. [2][3] He was sacked for graft on 17 April 2018. He was also said to have held gold bars and luxury cars, a bank account in his mother’s name holding hundreds of millions of yuan, and more than 100 mistresses to whom he gave properties developed by a real estate subsidiary of Huarong. A former chief of a big Chinese state lender was sentenced to death on Tuesday for bribery, corruption and bigamy, in a rare and dramatic example of Beijing’s use of capital punishment for economic crimes. Mr. Lai was kicked out of the Communist Party in 2018 for violating party law and regulations, including abusing his power for sex. By Global Times Published: Jan 29, 2021 06:13 PM. In September 2012 he was promoted again to become its party secretary and chairman of the board, the top political position in the company. “Sentencing Mr. Lai to death will get a lot of support from lower- and middle-class people,” said Zhang Peihong, a partner at Hui Ye Law Firm in Shanghai. His family claimed that Mr. Zeng was executed before it was told, in an episode that sparked anger online. “Or it could be a message to both.”, China Sentences Former Bank Chief to Death in Rare Move. RELATED | Lai Xiaomin: Criticism of death sentence on former Chinese tycoon Most death sentences imposed by Chinese courts are suspended for two years and usually are commuted to life. Huarong did business deals with some of China’s flashiest private companies at a time when they were feeling ambitious. “A lot of the messages that the Chinese authorities try to send with these judgments, you are meant to fill in the blanks and come to your own conclusions,” he said. Later, he was educated at Jiangxi University of Finance and Economics,[10] majoring in economics management,[9] where he graduated in 1983[12] and obtained a bachelor's degree. Corruption cases have been dealt with harshly in the past, but not in the case of a deputy minister-level official taking bribes of such a large magnitude. Death penalties without the chance of a reprieve are rare. Lai Xiaomin of China Huarong Asset Management Co., was among thousands of officials snared in a long-running anti-graft campaign led by President Xi Jinping. Lai Xiaomin, the former chairman of Huarong Asset Management, was found guilty by a court in the coastal city of Tianjin of receiving some $277 million in bribes between 2008 and 2018. Her sentence was later reduced. [23][24] The court confiscated all of Lai's personal assets including lavish goods such as properties, luxury watches, and show cars. The government will confiscate his personal assets, it said. Lai Xiaomin in 2016, when he was chairman of the Chinese lender Huarong Asset Management. Lai Xiaomin Death – Dead, Obituary, Funeral, Cause Of Death, Passed Away: On January 29th, 2021, InsideEko Media learned about the death of Lai Xiaomin through social media publications made on Twitter. The unusually harsh sentence could send a signal that Mr. Xi is not ready to ease his anticorruption campaign, which he began shortly after he took control of the Communist Party in late 2012. In April 2003, he was transferred to China Banking Regulatory Commission (CBRC), where he worked until December 2005. The campaign has taken down some of his most powerful rivals. [27], According to China Economy Weekly, Lai Xiaomin was involved in "three 100s", that is, more than 100 suites, more than 100 related persons, and more than 100 mistresses. Lai oversaw China Huarong Asset Management … [7] The sentence was carried out on 29 January 2021.[8]. But its use for crimes like embezzlement, bribery and corruption has dropped in recent years amid public disapproval. "Imposing the death sentence on Lai Xiaomin for financial crimes, such as bribe taking, is outrageous and unacceptable and clearly violates China's commitments to respect international human rights standards," Phil Robertson, Deputy Asia Director at Human Rights Watch told the BBC. Lai Xiaomin. The death penalty handed out to a former Chinese finance chief found guilty of corruption has been heavily criticised by human rights activists. Lai Xiaomin, the former chairman of Huarong Asset Management, was found guilty by a court in the coastal city of Tianjin of receiving some $277 million in bribes between 2008 and 2018. Among them were CEFC China, an energy company, and HNA, a conglomerate with businesses ranging from hotels to airlines. [13][14], Lai was a member of Chinese Communist Party (CCP), the Party secretary of China Huarong Asset Management's CCP Committee. He lived with another woman as husband and wife for a long time and had two sons with her while he was legally married to another woman. Lai Xiaomin, 58, was also found guilty by the Second Intermediate People's Court of Tianjin of lesser charges including corruption and bigamy. The former head of a Chinese state-owned asset management company was executed Friday on charges of taking bribes in an unusually severe penalty for a recent corruption case. [21] Lai reportedly had safes and cupboards full of cash inside a Beijing flat he nicknamed “the supermarket”. 1 min read The former chairman of one of China's largest state-controlled asset management firms was sentenced to death Tuesday for soliciting $260 million in … In a real estate project with a total of 120 suites, there were 100 suites allocated to his ex-wife and many mistresses via fake lottery enrollment. /China's Supreme People's Court Through subsidiaries such as Huarong Real Estate, Lai Xiaomin developed a community in Zhuhai City, Guangdong Province. A high-profile death sentence will send a message, though its interpretation depends on the audience, said Joshua Rosenzweig, the deputy regional director for East and Southeast Asia at Amnesty International. Mr. Lai, 58, was among the highest-profile figures to fall from grace amid a sweeping crackdown on corruption by Xi Jinping, China’s top leader. Lai Xiaomin, the ex-chairman of Huarong which is also one of China’s largest state-controlled firms was put to death by a court in the northern city of Tianjin after announcing his death sentence earlier this month. Mr. Lai took the helm of Huarong in 2012, helping it to expand into new areas like investments and securities. Lai Xiaomin, the former chairman of China Huarong Asset Management, was executed on Friday. Lai Xiaoming, then Chairman of China Huarong Asset Management Co, at a forum in Hong Kong on July 5, 2016. But before that, here is today’s news that Lai Xiaomin, former head of China Huarong Asset Management, has been sentenced to death in a Tianjin court (ENG, brief Twitter thread). He was sacked for graft on 17 April 2018. [4][16][17][18][19] He was expelled from the Communist Party and removed from office on 15 October 2018. Huarong was set up in the late 1990s to take on the failing loans of state-owned companies — a type of outfit known as a “bad bank” — lifting the burden from big state-run lenders that were looking to sell shares to the public. [26], Lai had a daughter with his first wife. He was a delegate to the 12th National People's Congress. , January 5, 2021, 1:31 AM PST.
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