China: Former Top Banker Executed for Taking $277 Million in Bribes

China on Friday morning executed Lai Xiaomin, a former chairman of one of the country’s four largest state-owned bad-debt managers, according to a news agency under the country’s top court.

Lai was sentenced to death for bribery earlier this month by a court in North China’s Tianjin municipality.

He was convicted of taking a record 1.79 billion yuan ($276.8 million) of bribes — including 104 million yuan of bribes that ultimately failed to take place — from 2008 to 2018 in exchange for his help in financing, promotions and more. He was also convicted of bigamy and colluding with others to embezzle 25.1 million yuan of public funds.

The original full article can be found at caixinglobal.com

 

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