The former chairman of one of China’s largest state-controlled asset management firms was sentenced to death Tuesday for soliciting $260 million in bribes, corruption, and also 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, a court in Tianjin said, describing the bribes as “extremely large” and labelling the circumstances “particularly serious”.
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.
NYSE withdraws move to delist 3 Chinese firms
Citing “further consultation” with regulators, the New York Stock Exchange has withdrawn plans to delist shares of three Chinese state-owned phone carriers China Telecom Corp, China Mobile and China Unicom Hong Kong