Former China Huarong Asset Management chairman Lai Xiaomin last week pleaded guilty to taking 1.8 billion yuan (US$259 million) in bribes between 2008 and 2018. Photo: Reuters Former China Huarong Asset Management chairman Lai Xiaomin last week pleaded guilty to taking 1.8 billion yuan (US$259 million) in bribes between 2008 and 2018. Photo: Reuters
Former China Huarong Asset Management chairman Lai Xiaomin last week pleaded guilty to taking 1.8 billion yuan (US$259 million) in bribes between 2008 and 2018. Photo: Reuters
Zhou Xin
Opinion

Opinion

Zhou Xin

Huarong corruption scandal underscores governance failures at China’s financial institutions

  • Former China Huarong Asset Management chairman Lai Xiaomin pleaded guilty to taking 1.8 billion yuan (US$259 million) in bribes between 2008 and 2018
  • The corruption case is unlikely to be the last for institutions that do not have proper internal governance, external oversight and a mechanism of checks and balances

Former China Huarong Asset Management chairman Lai Xiaomin last week pleaded guilty to taking 1.8 billion yuan (US$259 million) in bribes between 2008 and 2018. Photo: Reuters Former China Huarong Asset Management chairman Lai Xiaomin last week pleaded guilty to taking 1.8 billion yuan (US$259 million) in bribes between 2008 and 2018. Photo: Reuters
Former China Huarong Asset Management chairman Lai Xiaomin last week pleaded guilty to taking 1.8 billion yuan (US$259 million) in bribes between 2008 and 2018. Photo: Reuters
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