Corruption in China: former top banker Lai Xiaomin executed for taking US$277 million in bribes
- Amount of bribes received by ex-chairman of China Huarong Asset Management was ‘extremely large, the crime’s circumstances were particularly serious and the social impact was particularly severe’, Supreme People’s Court says
- Lai was convicted by a court in Tianjin earlier this month
China on Friday executed a former top banker accused of taking almost 1.8 billion yuan (US$277 million) worth of bribes, other forms of corruption and bigamy, state media reported.
“The amount of bribes received by Lai Xiaomin was extremely large, the crime’s circumstances were particularly serious and the social impact was particularly severe,” the report cited China’s Supreme People’s Court as saying, which reviewed and approved the execution order.
It did not say how Lai was executed, but said he was allowed to meet with close relatives before his death.
Chinese courts have a conviction rate of over 99 per cent and it is extremely rare for a death sentence to be overturned. The number of executions carried out annually is considered a state secret.