Life sentences and suspended death sentences commuted to life after two years are frequently handed down in corruption cases, but death sentences without the chance of reprieve have become rare in recent years. Such sentences are automatically appealed to
Lai was placed under investigation by the ruling
In its ruling, the
He was also convicted of embezzling more than
Although Lai provided useful details about malfeasance by his subordinates, the seriousness of his bribetaking and “degree of harm caused to society" were not enough to win him leniency, the court said in its ruling.
“Lai Xiaomin is lawless and greedy in the extreme," the ruling said. “His crimes are extremely serious and must be punished severely under law."
Huarong is one of four entities created in the 1990s to buy nonperforming loans from banks, helping to revive the state-owned finance industry. Such asset management companies expanded into banking, insurance, real estate finance and other fields.
Lai was accused of squandering public money, illegally organizing banquets, engaging in sexual dealings with multiple women and taking bribes, the anti-corruption agency said in 2018.
Investigators seized hundreds of millions of yuan (tens of millions of dollars) in cash from Lai’s properties, the Chinese business news magazine Caixin reported in 2018.
Lai was one of hundreds of officials at government agencies, state companies and the military who have been detained in an anti-corruption crackdown launched in 2012.
Other senior officials snared in the crackdown include a former head of China’s insurance regulator.
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