A former Chinese banker has been sentenced to 13 years in prison and fined a record 6.6 billion yuan ($978 million) in one of the country’s largest corruption trials in recent years. Lai Xiaomin, the former chairman of Huarong Asset Management, was convicted of taking bribes worth 1.79 billion yuan ($268 million) and embezzling 259 million yuan ($38.7 million) from 2008 to 2018. The Tianjin No. 1 Intermediate People’s Court found Lai guilty of corruption, embezzlement, and bigamy. Lai’s sentence is the heaviest handed down in a corruption case since the Communist Party began its sweeping anti-graft campaign in 2012 under President Xi Jinping. The case has been closely watched as a test of Xi’s commitment to fighting corruption, which he has described as a threat to the party’s survival. Lai is the highest-ranking financial official to be convicted in the campaign. The court said Lai had used his position to approve loans and other financial products for companies and individuals in exchange for bribes. He also embezzled money from Huarong Asset Management by transferring it to accounts controlled by him or his associates. Lai pleaded guilty to the charges and expressed remorse for his actions. He said he had been motivated by greed and a desire to maintain a lavish lifestyle. The court said Lai’s actions had caused .
Ex-China banker sentenced to multibillion-dollar fine in epic corruption trial
