Beijing: Lai Xiaomin, the former head of China Huarong Asset Management Company Limited in China, was hanged on Friday. In fact, Lai Xiaomin was recently sentenced to death after being found guilty of bribery. The sentence is one of the harshest in economic crime cases in recent years. A Tianjin court has convicted 58-year-old Lai Xiaomin of corruption and remarrying while living with his first wife. The ruling Communist Party of China, which monitors corruption, launched an investigation against Lai in 2018 and was later expelled from the party the same year.
The Tianjin court noted in its ruling that Lai abused his position to receive about 1.79 billion yuan over the past decade in exchange for several other benefits, including allocating construction contracts and providing promotions.
Government money was embezzled
The court found Lai guilty of embezzling more than 25 million yuan in government funds. The court said Lai Xiaomin is not afraid of the law and is extremely greedy. His crime is extremely serious and he must be punished under the law.
