Former chief of China's top state lender Xiaomin executed for corruption

Lai Xiaomin, former chief of China's top state-owned asset management company, was executed on Friday after a court sentenced him to death for corruption involving USD 276 million and bigamy.

The Second Municipal Intermediate People's Court of Tianjin, which sentenced him to death, earlier in its ruling said that between 2008 and 2018, Lai, former board chairman of China Huarong Asset Management Co, took undue advantage of his various posts in the former China Banking Regulatory Commission and Huarong, among others, to assist certain organisations and individuals with financing, project contracting, business operations and job promotion or transfer.

In return, he accepted money and gifts worth over 1.78 billion yuan (about USD 276 million), according to the verdict.

From the end of 2009 to January 2018, Lai took advantage of his positions to embezzle and extort public funds of more than 25.13 million yuan, in collusion with others. He was also found guilty of bigamy, said the verdict.

The court ruling said the amount of Lai's bribes was "particularly huge," and the circumstance was particularly severe, noting that the intention behind his crimes was very ill.

His crimes have caused "a great loss" to the interests of the state and the people, it said.

Considering the circumstances of his crimes, the court decided that he did not deserve a lenient sentence.

Last week, Chinese President Xi Jinping said corruption remained the biggest risk for ruling Communist Party China, (CPC).

"People feel deeply that in stormy times the strong leadership of the Party and the authority of the CPC Central Committee are what they can always count on," Xi said.

"Corruption, as the biggest risk to the Party's governance, still exists," Xi said while addressing the CPC's powerful anti-corruption body- the Central Commission for Discipline Inspection (CCDI).

He said old and new types of corruption have become intertwined and corruption is increasingly covert and complex.

"The struggle between corruption and anti-corruption efforts will continue to exist for a long period to come," Xi said, hinting that his anti-graft drive which made him popular in the country would continue.

"There is no alternative in the anti-corruption fight, and we must move ahead in spite of difficulties," he said.