The former chief of a big Chinese state lender was sentenced to death on Tuesday for bribery, corruption and bigamy, in a rare and dramatic example of Beijing’s use of capital punishment for economic crimes. Lai Xiaomin, the former chairman of Huarong Asset Management, was found guilty by a court in the coastal city of Tianjin of receiving some $277 million in bribes between 2008 and 2018. Mr. Lai, 58, was among the highest-profile figures to fall from grace amid a sweeping crackdown on corruption by Xi Jinping, China’s top leader. Mr. Lai was kicked out of the Communist Party in 2018 for violating party law and regulations, including abusing his power for sex. He confessed to taking cash bribes last year in a televised show on state media.

Source: International New York Times January 05, 2021 14:37 UTC