China: Ex-chairman of Hong Kong-listed bad asset manager Huarong pleads guilty to accepting US$257.7 million in bribes

The former chairman of one of China’s four big bad asset managers has pled guilty to accepting 1.79 billion yuan (US$257.7 million) in bribes over a period of 10 years during a public trial in the northern city of Tianjin.

Lai Xiaomin was accused of exploiting various professional positions and accepting ill-gotten gains, including money and goods worth 1.79 billion yuan, of which 104 million yuan was eventually not received, between 2008 and 2018, when he headed Hong Kong-listed China Huarong Asset Management and were the director-general of the People’s Bank of China’s banking supervision department, Tianjin No. 2 Intermediate People’s Court said on its Weibo account on Tuesday.

Lai, who turned 58 last month, was also accused of colluding with others to illegally embezzle public assets worth more than 25.13 million yuan between the end of 2009 and January 2018. Meanwhile, he was also accused of living as husband and wife with a woman other than his wife. Lai pled guilty to all charges.

The original full article can be found at scmp.com

(Picture: Weibo)

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