A Chinese court on Tuesday sentenced Lai Xiaomin, the former chairman and Communist Party chief of China Huarong Asset Management Co. (2023.HK), to 15 years in prison for taking bribes and embezzlement..
Lai, once one of China’s most powerful bankers, was detained in 2018 and expelled from the party and his government posts. The court in the northern city of Tianjin also fined him 60 million yuan ($8.3 million)..
Prosecutors accused Lai of taking bribes worth 1.79 billion yuan ($254 million) between 2008 and 2018, and embezzling 257 million yuan ($36 million) of public funds during his time at Huarong, a state-owned financial conglomerate..
The court said Lai had confessed to his crimes and expressed remorse, and that he had turned over most of his illegal gains. However, it said the amount of bribes he had taken was .
