France 24

Execution of former top CEO Lai Xiaomin convicted of corruption

Lai Xiaomin was accused of receiving more than 215 million euros in bribes. Chinese public television announced his execution on Friday morning. The court had also found him guilty of polygamy. Chinese public television announced Friday, January 29, the execution of Lai Xiaomin, the former boss of an investment fund. He was accused of receiving more than 215 million euros in bribes and was sentenced to death in early January, a sentence that is unusual in China for a top economic leader. The court had also found him guilty of “polygamy”. Justice accused him of having obtained 215 million euros in bribes and tried to obtain 13 million more. She also attributed to him embezzlement of public funds of 3.1 million euros. >> To read: China launches an investigation into Alibaba, its actions unscrew The amounts were “extremely large, the circumstances particularly serious and the intentions extremely malicious “, indicated in its judgment a court of Tianjin (north). The boss of the group China Huarong, whose mode of execution was not specified, had also been found guilty of having” lived a long time with others women “, apart from his marriage, of which he had” illegitimate children “.” I did not dare to spend “the money In January 2020, he had made a confession broadcast by public television CCTV. a Beijing apartment, supposed to belong to him, with safes and cupboards filled with wads of cash, had then been released. “spent only one this ntime “. “I didn’t dare spend” the money, he asserted. Images also showed luxury cars and gold bars that the accused allegedly accepted as bribes. China Huarong Asset Management is one of the largest managers in China of bad debts (i.e. with a high probability of default) .China launched a massive anti-corruption campaign in 2012, after the arrival of President Xi Jinping at the head of the Chinese Communist Party (CCP). Since then, more than one and a half million CCP cadres have been sanctioned. This operation, popular with the public, is also suspected of serving to remove personalities opposed to the president’s line. China keeps the utmost secrecy. on the executions of those sentenced to death. The human rights organization Amnesty International estimates that thousands of common law prisoners are executed each year in the country.