Former Chinese tycoon on death row mauled by anti-graft organ
Official publication of China’s top anti-graft body revealed on Monday more details of the bribery case of former tycoon Lai Xiaomin, whose death sentence has drawn international outcry.
The China Discipline Inspection and Supervision Newspaper slurred Lai, who headed one of the four state-owned financial companies, for milking millions from the country and committing crimes from the position of an insider.
Apart from exploiting financial resources, the article said Lai has defied the CCP’s leadership and drifted away from its principal business.
His case was a mash-up of political and economic problems, on top of the moral corruption in the financial sector. The appointments of his cronies to important positions in the company’s local and international subsidiaries have evolved into a “corruption clan with nearly one hundred members,” it said.
The article also accused the former finance chief of involving in political speculation and electoral bribery, but without going into details.
Lai, who used to chair China Huarong Asset Management, was sentenced to death last Tuesday after a Chinese court found him guilty of taking or seeking bribes of nearly 1.8 billion yuan (US$277 million) over a span of 10 years. The ruling marked one of the most severe punishments in President Xi Jinping’s long-running crackdown on corruption.
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