Lai Xiaomin, Former Chairman of China Huarong Asset Management Co.
Lai Xiaomin, former chairman and party secretary of China Huarong Asset Management Co., Ltd. was sentenced to death by Tianjin Intermediate Court in the first trial for bribery, embezzlement and bigamy. Today, the second trial ruling rejected the appeal and upheld the death sentence in the first trial.
The official microblogging site of the Tianjin High Court of the Communist Party of China, @津法之声, announced on January 21 that “the Tianjin High Court pronounced the second trial verdict on the case of Lai Xiaomin’s bribery, embezzlement and bigamy, rejecting the appeal and upholding the death sentence in accordance with the law.”
On January 5, 2021, the Tianjin Second Intermediate Court publicly announced that Lai Xiaomin was guilty of bribery, embezzlement, and bigamy, with a death sentence for bribery, deprivation of political rights for Life, and confiscation of all personal property; an 11-year prison sentence for embezzlement, and confiscation of personal property of RMB 2 million; and a one-year prison sentence for bigamy, with a combination of the above penalties, resulting in a death sentence, deprivation of political rights for life, and confiscation of all personal property.
According to the report, despite the fact that Lai Xiaomin’s clues to the major crimes committed by his subordinates were verified to be true and he had made significant meritorious acts, his crimes were so serious that he was sentenced to death.
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 the “supermarket” after receiving it. 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 said that the amount of all corrupt and bribe-taking by individual CCP officials is about five times the amount officially announced.
The article cites rumors that Lai Xiaomin’s backers in the Communist Party are “Prince Qing” Zeng Qinghong and Wu Xiaohui. Because they are both from Jiangxi, and Lai Xiaomin also likes to hang out with two 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.
The “Letter Media” reported that, like Xiao Jianhua of tomorrow’s system, 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 benefits 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 younger brother Zeng Qinghuai, and his sister Zeng Haisheng and her husband.
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