Ex-chairman of Huarong charged with corruption

Lai Xiaomin, 56, former board chairman of China Huarong Asset Management Co, has been charged with bigamy, bribery and other forms of corruption, the Supreme People’s Procuratorate said on Friday.

China Huarong is one of the country’s four largest Stateowned asset management companies.

Lai made use of his work positions, including corporate head of China Huarong and director-general of the banking supervision department of the People’s Bank of China, to accumulate large benefits in exchange for aid to others, the SPP said in a news release.

Lai was also found to have used his position to use or otherwise illegally control a large number of public properties, and had been living for a long time as a couple with a woman who was not his wife, even though he was married, the news release said.

Lai was placed under investigation by the Communist Party of China Central Commission for Discipline Inspection in April last year for “serious violations of disciplinary rules and laws”, and was expelled from the Party and removed from public office six months later.

The CCDI said he violated political discipline and State financial work policies to expand the company haphazardly and operate it in a disorderly manner, taking it away from its main tasks.