Lai Xiaomin, previously chairman of China Huarong Asset Management, the powerful asset manager and bad debt investor, was arrested on the order of a local court, state media reported on Wednesday.
No details were given about the case but Mr Lai has been under investigation by China’s anti-graft agency since early this year. He was expelled from the Communist party on accusations of taking bribes and for “blindly” and in a “disorderly” manner shifting Huarong’s Rmb1.87tn ($270bn) business away from its core of distressed debt investing.
Respected Chinese financial magazine Caixin reported earlier this year that authorities discovered three metric tonnes of cash at one of Mr Lai’s homes.
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