OREANDA-NEWS. The Chinese authorities sentenced to death Lai Xiaomin, the former chairman of the board of the country’s largest asset management company China Huarong Asset Management Co., Ltd.

Lai Xiaomin was accused of bribery and bigamy. Investigations revealed that “blind expansion and inconsistent management” by the suspect in China Huarong Asset Management led to “company’s serious deviation from its core professional responsibilities, as well as bad political influence.” The accused participated in various political intrigues, promoted individuals up the career ladder and obstructed inspections in the company, the Chinese authorities added. So, according to them, the ex-head of the company accepted expensive gifts, large sums of money, illegally organized banquets in expensive restaurants and exceeded his official powers.

In 2018, Lai Xiaomin was expelled from the Communist Party of China for violating party discipline and the law.