Ex-SOE chairman expelled from CPC
Lai Xiaomin, former chairman of China Huarong Asset Management, has been expelled from the Communist Party of China and removed from public office for alleged graft issues.
The CPC Central Commission for Discipline Inspection said on Monday that Lai was placed under investigation by the CCDI and National Supervisory Commission in April for serious violations of Party disciplines and breaking the law.
It said he violated political disciplines and State financial work policies to blindly expand the company and operate it in a disorderly manner, resulting in it deviating from its main tasks and businesses.
China Huarong is one of the country’s four largest State-owned asset management companies.
The CCDI said he exploited connections to get promoted to higher positions, participated in superstitious activities and resisted inspection by the Party. He also violated the Party’s eight codes to build a clean government and wasted public funds to arrange banquets and frequently visited luxurious private clubs and high-end restaurants. He arranged or allowed his subordinate companies to use public funds to fund his family members’ travel.
According to the CCDI, Lai used his position to have sexual relationships with many women.
He also violated work disciplines to decide solely on many major decisions in the company and interfered in some specific projects.
Moreover, he abused power to gain benefits for others and accepted huge bribes.
Dozens of high-ranking officials in the financial sector have been probed for corruption in the past five years.
“Due to an intensive and large flow of capital, corruption can easily occur in the financial sector,” said Li Wei, a lawyer from Beijing Lawyers Association.