China executes ex-banker Lai Xiaomin for corruption in the Bigamy case


Lai Xiaomin was sentenced and sentenced earlier this month


China on Friday executed a former top banker accused of taking $ 260 million in bribes, other forms of corruption and bigamy, state broadcaster CCTV reported.

Lai Xiaomin, the former chairman of Huarong – one of the largest state-controlled wealth management firms in China – was killed by a court in northern Tianjin city, CCTV said.

“The number of bribes Lai Xiaomin received was extremely high, the circumstances of the crime were particularly grave, and the social implications were particularly grave,” said CCTV, quoting the China Supreme People’s Court, which reviewed and approved the execution order.

The report did not specify how Lai was executed, but he was allowed to meet with close relatives before he died.

Chinese courts have a conviction rate of over 99 percent and it is extremely rare for a death sentence to be overturned. The number of executions carried out each year is considered a state secret.

The rights group Amnesty International estimates the country is the world‘s leading executioner. Thousands are executed and sentenced to death every year.

Lai was sentenced and sentenced earlier this month. The Tianjin Court ruled that he had shown “extreme malevolence” and abused his position to obtain the enormous sum.


He was also found guilty of bigamy after living with a woman for “long periods of husband and wife” out of wedlock and having children out of wedlock.

Lai reportedly used his position to embezzle more than 25 million yuan ($ 3.8 million) in public funds between 2009 and 2018.

His fall began in April 2018 when investigators removed him from his job and stripped him of his position as a Communist Party.

Several high-profile party officials and entrepreneurs have fallen spectacularly out of favor in recent years as part of Chinese President Xi Jinping’s anti-corruption efforts.

(Except for the headline, this story was not edited by GossipMantri staff and posted from a syndicated feed.)


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