Ex-Banker sentenced to death in China for $260 million bribery, bigamy

In a shocking move on Tuesday, the former chairman of one of China's largest state-controlled asset management firms was given death sentence for soliciting $260 million in bribes, corruption and bigamy.

According to reports, details were given by a former Communist Party member, Lai Xiaomin on state broadcaster CCTV in January 2020. The footage showed a Beijing apartment belonging to Lai replete with safes and cabinets stuffed with stacks of cash.

Describing the bribes as extremely large and circumstances serious, the court in Tianjin have abused Lai his position in attempting to obtain the vast sum. The court ruling added that Lai had shown "extreme malicious intent."

Lai is a former chairman of the Hong Kong-listed China Huarong Asset Management Co. He was also found guilty of bigamy after living "as man and wife for long periods" outside of his marriage and fathering illegitimate children, the reports said.

Lai, is also blamed to be misusing over 25 million yuan ($3.8 million) in public funds between 2009 and 2018.

Lai reported said that he "did not spend a single penny, and just kept it there... I did not dare to spend it". The luxury cars and gold bars were shown that Lai had accepted as bribes.

Hence Lai will now be stripped of his political rights and all his personal assets will be confiscated according to the Tianjin court.

Meanwhile, critics are of the view that the wide-ranging anti-corruption campaign launched by President Xi Jinping has served as a way to target his opponents and those of the Communist Party leadership

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