Ex-banker sentenced to death for graft, bigamy
BEIJING: The former chairman of one of China’s largest statecontrolled asset management firms was sentenced to death yesterday for soliciting US$260 million in bribes, corruption and bigamy.
Lai Xiaomin, a former Communist Party member, gave a detailed televised confession on state broadcaster CCTV last January, which showed footage of safes and cabinets stuffed with cash in a Beijing apartment allegedly belonging to him.
Lai had abused his position in attempting to obtain the vast sum, the court in Tianjin said, describing the bribes as ‘extremely large’ and labelling the circumstances ‘particularly serious’.
He had shown “extreme malicious intent,” the court ruling added.
The former chairman of the Hong Kong-listed China Huarong Asset Management Co – a distressed debt group – was also found guilty of bigamy after living with a woman “as man and wife for long periods” outside of his marriage and fathering illegitimate children.
Lai’s downfall began in April 2018 as investigators removed him from his job and stripped him of his party position.
He was also alleged to have used his position to embezzle over 25 million yuan ( US$3.8 million) in public funds between 2009 and 2018.
During his TV confession, Lai said he “did not spend a single penny, and just kept it there...I did not dare to spend it.”
CCTV also showed luxury cars and gold bars reportedly accepted by Lai as bribes.
The channel often broadcasts interviews with suspects admitting to crimes before they have appeared in court – a practice that has long been condemned by lawyers and rights organisations as forcing confessions under duress.
The court said Lai would have all personal assets confiscated and be stripped of his political rights.
The sentencing brings an end to one of the country’s biggest financial crime cases, and comes as Beijing takes an increasingly tough stance on corporate crime.
Since President Xi Jinping came to power, only one high ranking official has been executed – Zhao Liping, who was convicted of homicide in 2016.
Three other senior Communist Party members have been sentenced to death but later given a reprieve.
The former head of Interpol, an ex-spy chief and a Xinjiang governor accused of ‘trading power for sex’ are some of the other high-profile officials to suffer spectacular falls from grace in recent years in the anticorruption purge.