China Sentences Ex-Finance Chief to Death on Corruption

Bloomberg (01/05/2021)
  • The Chinese government sentenced Lai Xiaomin, the former chairman of Huarong Asset Management, to death for accepting 1.79 billion yuan ($277M) in bribes from 2008-2018.
  • Lai was also convicted for bigamy (getting married while still married); all of his assets were confiscated.
  • While its rare for China to impose the death penalty for corruption (usually 16-18 year worst-case prison sentences), the reported bribes have sparked public outrage.
  • The crackdown shows China is willing to impose maximum punishment for corruption.