Lai Xiaomin was the former head of a Chinese state asset firm who served as party chief and chairman of the board of China Huarong Asset Management He was sacked for graft in April 2018. He was executed on Friday for soliciting $300million in bribes and starting a secret second family while married to his ‘loyal wife’, the official People’s Daily reported. His private assets were seized as well.
He was convicted on corruption and bigamy charges. The sentence was carried out on 29 January 2021.
How old was Lai Xiaomin?
According to his date of birth 8 July 1962, Lai Xiaomin was 58 years old at the time of execution.
Lai Xiaomin Net Worth
After Lai Xiaomin was placed under investigation by the ruling Communist Party’s corruption watchdog in 2018, the Tianjin court cited the ‘especially enormous’ size of the bribes Lai accepted, saying they exceeded £68 million in one instance.
In total, it said Lai collected or sought to collect 1.79 billion yuan (£204 million) over a decade in exchange for making investments, offering construction contracts, helping with promotions and other favors. He was also convicted of embezzling more than £2.8 million in state assets.
Lai Xiaomin Execution
In one of China’s highest-profile corruption cases, Lai Xiaomin was found guilty of receiving or seeking bribes totaling $278million from 2008-18, when he was also a senior banking regulator. Lai was sentenced on January 5 by the Secondary Intermediate People’s Court of Tianjin.
He was also convicted on corruption and bigamy charges. Lai gave a detailed televised confession on state broadcaster CCTV last January, which showed footage of safes and cabinets stuffed with cash in a Beijing apartment belonging to him.
He had abused his position in attempting to obtain the vast sum, the court previously said.
Citing a review by the supreme court, it was reported that Lai’s ‘significant meritorious service’ was not enough to earn him a more lenient punishment given the ‘facts, nature, circumstances and the degree of harm to society’ caused by his bribery crimes.
Lai Xiaomin Wife
Lai Xiaomi had a daughter with his first wife. He lived with another woman as husband and wife for a long time and had two sons with her while he was legally married to another woman. Lai was also found guilty of bigamy and fathering illegitimate children.
Lai Xiaomin Mistresses
Lai was convicted of starting a second family while still married to his first wife.
According to China Economy Weekly, Lai Xiaomin was involved in “three 100s”, that is, more than 100 suites, more than 100 related persons, and more than 100 mistresses. Through subsidiaries such as Huarong Real Estate, Lai Xiaomin developed a community in Zhuhai City, Guangdong Province. In a real estate project with a total of 120 suites, there were 100 suites allocated to his ex-wife and many mistresses via fake lottery enrollment.
Lai Xiaomin Esecuzione
During his TV confession, Lai said he ‘did not spend a single penny, and just kept it there… I did not dare to spend it.’
Safes and suitcases stuffed with suspected bribery money were reportedly discovered when authorities raided the apartment of Lai Xiaomin in Beijing. He had referred to the apartment where he kept the money as the ‘supermarket’, given his regular visits there to deposit cash.
CCTV showed luxury cars and gold bars reportedly accepted as bribes by Lai, who worked in the central bank and the China Banking Regulatory Commission prior to his leadership roles in Huarong.
The court said Lai would have all personal assets confiscated and be stripped of his political rights.
How was Lai Xiaomin executed?
Lai Xiaomi was allowed to meet with his close relatives before the execution was carried out by the Tianjin court on the orders of China’s Supreme People’s Court. Photos published by the court showed Lai standing up and facing the judge to be sentenced, flanked by two police officers wearing face masks.
Lai was put to death by a court in Tianjin, east of Beijing, the government announced.
‘The severe treatment of Lai Xiaomin reflects the strong determination of the Central Committee with President Xi Jinping as the core to administer the party and its zero-tolerance in punishing corruption,’ the company said in a statement.