Former Top Chinese Banker Is Executed For Taking $277 Million In Bribes

Weibo via SCMP

A top banker of one of China’s most powerful banks was executed on Friday after being accused of accepting millions in bribes and carrying out other forms of corruption. 

Lai Xiaomin, the former chairman of Hurarong, a majority state-owned financial asset management company in China, was put to death after pleading guilty to taking nearly $277 million worth of bribes.

The Tianjin court, where he was executed, said his abuse of power for personal gain and his actions showed “extreme malicious intent.” He was allowed to meet with his family shortly before being executed.

Lai was also a top member of the Chinese Communist Party before being expelled and removed from office in 2018.

He is believed to have had more than 100 mistresses and was also accused of bigamy and having illegitimate children outside his legal marriage.

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