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China executes top financial boss accused of corruption, polygamy

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Accused of having received bribes for 215 million euros and polygamy, the former boss of an investment fund, Lai Xiaomin, was executed.
The boss of the China Huarong group, whose mode of execution was not specified, had in fact been sentenced to death in early January. An unusual sentence in China against a top economic leader.

China: a big financial boss executed for corruption

Source: nytimes

According to state television, sentenced to death in early January, Lai Xiaomin, a former boss of an investment fund accused of corruption and polygamy, was executed in China on Friday, January 29.

Justice accused him in particular of having obtained 215 million euros in bribes. And to have tried to get 13 million more. Besides, she also attributed to his embezzlement of public funds of 3.1 million euros.

“Extremely malicious intentions.”

To justify the severity of Lai Xiaomin’s execution, the Tianjin court assured that the amounts were “huge, the circumstances severe and the intentions extremely malicious.”

All the more so, as the China Huarong Asset Management group’s boss was also guilty of having “lived a long time with other women” outside of his marriage, with whom he had “illegitimate children.”

Execution of Lai Xiaomin: public confession

Source: asiatimes

Finally, the financial boss, executed for corruption, made a confession broadcast by public television. Nonetheless, He claimed not to have “spent a single penny.” I did not dare to spend ”the money, he declared.

However, this argument was not sufficient. Far from there! The reason? Well, footage of an apartment in Beijing believed to be his own has been released. They thus showed safes and cupboards filled with wads of cash.

Luxury cars and gold bars

Other images also showed luxury cars and gold bars that the accused allegedly accepted as bribes. And that’s not all! China Huarong Asset Management is one of the largest bad debt managers in China; i.e., having a high probability of non-repayment

Execution of Lai Xiaomin: President Xi Jinping hunts down corruption

Source: japantimes

This did not fail to interest the vast anti-corruption campaign launched in 2012 following President Xi Jinping’s arrival at the head of the Chinese Communist Party (CCP). Since that date, more than one and a half million CCP cadres have been sanctioned.

There have even been death sentences handed down and carried out. But until now, these sanctions have only affected high dignitaries of the political or security apparatus. They also directly target business people, as with Lai Xiaomin, whose execution mode has not been specified.

Thousands of prisoners executed every year

Thus, this anti-corruption operation is currently suspected of serving to remove personalities who oppose the president’s line. Was this also the case with Lai Xiaomin? We don’t know.

But one thing is nonetheless certain: thousands of prisoners are executed every year in China. In any case, this is what the human rights organization Amnesty International believes.

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