Lai Xiaomin, the former chairman of China Huarong Asset Management Co., was sentenced to death by a court in the first instance in Tianjin for bribery, embezzlement and bigamy. Who was the bailiff of this corrupt official who broke several records in the Chinese Communist Party officialdom? Who is his official backstage?
The official Chinese Communist Party television special “State Supervision” revealed that Lai Xiaomin hid stolen money in a house in a Beijing neighborhood, and called it a “supermarket” where he personally drove the money to. In addition to cash, Lai Xiaomin also received a large amount of real estate, luxury cars, watches, gold, jewelry, calligraphy and paintings. When investigating the case of Lai Xiaomin, the review team of the CPC Central Commission for Discipline Inspection seized a large amount of cash in local and foreign currencies, gold and silver products, calligraphy and paintings, cars, shopping cards and other items, froze bank, securities and fund accounts, and seized a number of properties of Lai Xiaomin in Beijing, Zhuhai, Hainan and other places.
After the case of Lai Xiaomin broke many official records reported by the Chinese Communist Party, the mainland media “Caixin” once described Lai Xiaomin as having “three hundred”, including more than 100 properties, more than 100 relations and more than 100 mistresses. In the internet circulation of “three palaces, six courtyards and 72 concubines: he placed more than 100 lovers in a district, all the children call him father”, “financial circle “first corruption”: home hidden 3 tons of cash, placed more than 100 lovers in the same district” and other self media articles, said that Lai Xiaomin’s mistresses dozens of people from the Huarong Asset Management In addition, there are also female celebrities who are household names.
In December 2017, the mainland newspaper Sohu.com revealed the inside story of Lai Xiaomin’s transfer to Huarong Asset Management Co. According to the report, Lai Xiaomin admitted that he did not want to serve in Huarong at that time, mainly because of personal career considerations, he was not willing to go to state-owned enterprises, and had no previous experience in this area.
However, Liu Mingkang and the then vice chairman of the CBRC talked to Lai Xiaomin four times, hoping that he would work for Huarong. Liu Mingkang told Lai Xiaomin that because of Lai’s strong ability, it would be beneficial to go to make Huarong up and change the environment. Besides, Huarong was facing a critical period at that time, because the 10-year limit was coming up. In the end, Lai Xiaomin had to take up his post.
According to an opinion article published by Radio Free Asia, Lai Xiaomin took bribes amounting to 1.788 billion RMB, and this figure is only the figure announced by the CCP’s Commission for Discipline Inspection and Procuratorate, but there are many more bribe payments that were not discovered or supposedly not enough evidence. It is alleged that the amount of all corrupt and bribe-taking payments by individual CCP officials is about five times the amount officially announced.
The article disclosed that Lai Xiaomin’s promotion in the CCP’s central bank system at 2 key points: promotion from deputy division to full division level and from full division to deputy directorate level were both related to Chen Yuan, then deputy governor of the Bank of China Development in 1998, and Liu Mingkang, then deputy governor of the Bank of China Development, succeeded Chen Yuan as deputy governor of the central bank.
In 2003, Liu Mingkang was responsible for the formation of the China Banking Regulatory Commission (CBRC) and was appointed as the first CBRC Chairman. Two years later, Lai was promoted by Liu Mingkang to the head of the CBRC’s General Office and Party Committee Office, becoming Liu Mingkang’s first secretary.
The article cites rumors that Lai Xiaomin’s backers in the official circles of the CCP are “Prince Qing” Zeng Qinghong and Wu Xiaohui. Because they are both from Jiangxi, and Lai Xiaomin also likes to hang out with 2 kinds of people, namely Jiangxi cousins and the second generation of Reds and officials. Because these two people make him feel safe, equivalent to having the most reliable insurance.
In 2012, Huarong sold its 70% stake in Zhuo International Holdings, two pieces of land and its company building in Shenzhen to 2 buyers, the largest of which was Shenzhen Huayin, a member of the Huayin Group.
The founder of Fancy Year Group is Zeng Qinghong’s niece, Zeng Bao Bao, who is the daughter of Zeng Qinghong’s brother, Zeng Qinghuai.
According to the “letter media” report, and tomorrow’s system of Xiao Jianhua, Lai Xiaomin’s backer is also Zeng Qinghong. Lai Xiaomin is a front man for the Zeng Qinghong faction in the business community in China and Hong Kong, and has funneled huge interests to the Zeng Qinghong family and Jiang Zemin’s family. Lai Xiaomin has also been revealed to have close ties with Guo Shengkun, a close associate of Zeng Qinghong and secretary of the Political and Legal Committee.
Lai Xiaomin was first rumored to have been double-regulated in August 2018. By the end of July of the same year, Xi Jinping was widely rumored in Beijing to be taking down the Zeng Qinghong family, including Zeng Qinghong’s son Zeng Wei, his brother Zeng Qinghuai, his sister Zeng Haisheng and her husband.
Hong Kong’s Apple Daily reported in November 2018 that Xiao Jianhua headed the Tomorrow family, Lai Xiaomin headed the Huarong family, and Wu Xiaohui headed the Anbang family, who formed a “golden triangle” to make waves in the Hong Kong stock market.
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