Lai Xiaomin, 58, has been sentenced to death after being found guilty of bribery, embezzlement, and having multiple wives Tuesday, according to Reuters.
Xiaomin, former chairman of the state-owned financial management firm Huarong Asset Management Co, was accused of obtaining 1.788 billion yuan, or $276.72 million, in bribes as a senior banker, Reuters reported. Xiaomin was also convicted of bigamy and embezzling millions in public funds, according to Reuters.
#China has sentenced former Huarong Asset Management Co., chairman Lai Xiaomin to death for bribery, corruption & bigamy.
Lai is charged with taking about $277 million in bribes, according to the court of Tianjin city.
Rare harsh penalty signals tough stance on corruption. pic.twitter.com/ePKYj928bC— Shen Shiwei沈诗伟 (@shen_shiwei) January 5, 2021
Xiaomin was expelled from the Communist Party after being placed under watch by state corruption watchdog, according to the Associated Press.
“Lai Xiaomin was lawless and extremely greedy. His crimes are extremely serious and must be punished severely under law,” the Secondary Intermediate People’s Court of Tianjin court statement said. (RELATED: Mystery Chinese Firm Approached Hunter Biden With An Offer Of Charity – And A More Lucrative Pitch)
“The severe treatment of Lai Xiaomin reflects the strong determination of the Central Committee with President Xi Jinping as the core to administer the party and its zero tolerance in punishing corruption,” Huarong said in support of Xiamoin’s sentence, according to Reuters.
Xiaomin’s home allegedly housed gold bars, luxury cars, and various safes and storage areas stuffed with money, Caixin reported. He is also said to have had over 100 mistresses to whom he gifted properties, according to Caixin.
Corruption cases usually to lead to life in prison after spending two years on death row, making Xiaomin’s sentencing severe, according to the Associated Press.
“The death penalty with reprieve is no longer enough for the anger of citizens, nor is it sufficient for deterrence,” Chinese lawyer Mo Shaoping said, according to The Guardian.