A 6,000-word article on the official website of the Central Commission for Discipline Inspection (CCDI) outlines Lai Xiaomin’s four crimes.
China’s famous former financial magnate Lai Xiaomin was sentenced to death on January 5 by a court in Tianjin for “corruption and bigamy”. The website of the Central Commission for Discipline Inspection (CCDI) today (18) published a long article, characterizing the case of Lai Xiaomin as “a shocking case of corruption in the financial sector” and “involving nearly 100 corrupt officials”. The article also revealed for the first time that Lai Xiaomin was involved in “canvassing and bribery” and many other disciplinary details.
The website of the State Supervision Commission of the Central Commission for Discipline Inspection of the Communist Party of China published a long article of nearly 6,000 words on January 18, characterizing the case of Lai Xiaomin as a “shocking case of corruption in the financial sector”. According to the article, the case combines political and economic issues intertwined, financial chaos and financial corruption superimposed in one, arbitrary power, corruption, moral corruption, extravagant life, willing to be “hunted” become the key words of his corrupt criminal behavior, showing complex and diverse forms and characteristics.
There are four specific aspects: first, the rejection of the CPC leadership, deviating from the main responsibility of the main business; second, the abuse of financial resources, engaging in power and money transactions; third, bleaching corrupt means, the implementation of “insider crime”; fourth, the belief in “benefit sharing”, forming a group corruption. Lai Xiaomin arranged for a number of cronies to hold important positions in domestic and foreign subsidiaries, colluding with each other and gradually evolving into a corrupt gang, involving nearly 100 corrupt officials.
It is also disclosed in the article that Lai Xiaomin likes to take advantage of the loopholes in the system under the guise of “marketization” to manipulate and commit corruption crimes, such as “curve profit, option corruption”, “winning bids for Huarong’s projects with substantial price increases”, and receiving “consultancy fees” in the process of Huarong’s shareholding in other companies, etc., and co-operating with others to obtain public funds.
The above-mentioned details of Lai Xiaomin’s corruption are the first specific official mentions. The article also mentions that Lai Xiaomin also “engaged in political speculation and canvassing for bribes by any means,” which is also the first official mention.
In addition, Lai Xiaomin ignored the deployment requirements of the regulator, and even openly made questionable remarks. However, Lai Xiaomin’s specific “insubordination” remarks were not specifically mentioned by officials.
However, in the TV special “State Supervision” launched by the State Supervision Commission of the Central Commission for Discipline Inspection of the Communist Party of China in January 2020, it was mentioned that since 2015, the CBRC had repeatedly warned about Huarong’s operational risks and asked Huarong to control the scale of debt and return to its main business. However, Lai Xiaomin “did not take it seriously and even rebuked the supervisors for being unprofessional and affecting the development of the company.
Lai Xiaomin’s wealth accumulation was considered “unscrupulous and almost crazy”. The State Monitor also revealed that Lai Xiaomin had a house in a small area of Beijing dedicated to storing cash, coded as a “supermarket”, which held more than 200 million in cash.
Lai Xiaomin 200 million cash wall exposed (Photo source: Internet)
It is reported that on January 5, 2021, the Tianjin Second Intermediate Court publicly announced the sentence of Lai Xiaomin bribery, embezzlement, bigamy case, Lai Xiaomin was sentenced to death for bribery, deprived of political rights for life, and confiscated all personal property.
The court informed that from 2008 to 2018, Lai Xiaomin took bribes totaling more than RMB 1.788 billion equivalent. Of this amount, more than 104 million yuan has not been actually obtained and is an attempted crime. This is by far the highest amount of money officially announced by the Communist Party of China for corrupt officials.
Lai Xiaomin was accused of using the power in his hands to engage in political speculation and make political capital; speaking of pomp and show, squandering and wasting state property; appointing people for power, profit and circles, seriously polluting the political ecology of enterprises and so on.
After the fall of Lai Xiaomin, the land media “Caixin” disclosed that Lai Xiaomin not only had hundreds of millions of yuan in cash hidden in his home, but also had “3 100s” – more than 100 suites, more than 100 relations and more than 100 mistresses.
According to Caixin, Lai Xiaomin’s original wife was the general manager of the credit management department of the head office of Everbright Bank, and they had a daughter. Lai Xiaomin secretly divorced his original wife and did not report to the authorities, “but made other arrangements in Hong Kong and has a pair of twin infant sons”.
The internet also has a popular article titled “He placed more than 100 lovers in a community, all the children call him father” to expose the details. The article reads: Lai Xiaomin specializes in developing property projects in Zhuhai, Guangdong, and gave the 100 sets to his ex-wives and mistresses. He made these 100 people with various identities and status, including ex-wives, current wives and mistresses, to live in harmony without disputes, which is unimaginable.
Recent Comments