Lai Xiaomin, former chairman of Huarong – one of China’s «big four» state-owned distressed asset managers – pled guilty to accepting 1.79 billion yuan in bribes between 2009 and 2018.
Lai was accused of exploiting various professional positions and accepting bribes, according to a Tianjin-based court’s Weibo account, including 1.79 billion yuan ($260 million) of which 104 million yuan was not received.
Lai joined Huarong in 2019 and was appointed as its chairman and party chief in 2012 before transforming the distressed asset manager into a financial giant with businesses that included securities, trust, banking and financial leasing. $430 billion was invested abroad in an offshore expansion drive launched since 2015.
Lai started his career with China’s central bank in 1983 and has since held various key positions at the China Banking Regulatory Commission and the Beijing Banking Regulatory Bureau.
Three Tons of Cash
According to a documentary by state-owned media, Lai had hidden enormous amounts of physical cash including a room with three metric tons worth $28.8 million.
The five-episode series also claimed that another $43.2 million was held in a bank account in the name of Lai’s mother.
In addition to the bribery charges, Lai was also accused of infidelity with his wife and the aforementioned documentary claimed he had over 100 lovers.
