The ex-chairman of one of China's top four state-owned asset managers, Lai Xiaomin, was sentenced to death for accepting 1.79 billion yuan (S$365.04 million) in bribes.

Found guilty of corruption, accepting bribes, and bigamy

Lai, 58, was found guilty of corruption, accepting bribes, and bigamy, according to Chinese state-run media Xinhua.

The punishments for his crimes included the death sentence, confiscation of all personal property, and being stripped of his political rights for life.

Lai took advantage of his positions and accepted bribes between 2008 and 2018 when he was the party secretary and chairman of China Huarong Asset Management, and director general of the People's Bank of China's banking supervision department, reported South China Morning Post.

He also colluded with others to embezzle 25.1 million yuan (S$5.12 million) of public assets between 2009 to 2018.

Lai pleaded guilty to all of his charges during a trial in August 2020.

Rare case of capital punishment for corruption

The death sentence meted out to Lai is one of the most severe punishments coming from Xi Jinping's crackdown on corruption in China.

Beijing-based lawyer Mo Shaoping said that bribery cases in China rarely result in the death penalty, according to Bloomberg.

However, the amount of corruption is particularly large in Lai's case, and is likely the biggest in recent years, said Mo.

"The case has also sparked public outrage. Under the current environment, a death sentence is definitely sending a warning -- and mostly importantly -- shattering the belief that corruption isn’t punishable by death."

Despite volunteering information about other corruption cases, which usually led to more lenient sentences, Lai was still handed the death sentence.

It is unclear if Lai would be appealing his sentence.

Expelled from CCP in late 2018

Lai, who was a member of the Chinese Communist Party (CCP) and party chief of the state-owned asset manager, was expelled from the Party in October 2018, reported Caixin, after he was placed under investigation for corruption in April 2018.

According to a statement by China's Central Commission for Discipline Inspection (CCDI) released in 2018, Lai was a “bad political influence” who had gone against the central government’s financial work guidelines and instructions.

The CCP's anti-graft watchdog said that Lai's "blind expansion and chaotic management" had led Huarong to seriously deviate from its main responsibilities and core businesses.

During his five to six years as the chairman of Huarong, Lai aggressively expanded and transformed the company into one of the biggest players in China's financial industry, according to Caixin.

He fuelled risky business plans and formed ambiguous ties with private borrowers, expanding the company's capabilities outside of its core focus as a distressed-debt business.

According to a 2018 report by Caixin, a real estate subsidiary of Huarong once developed 120 properties in Zhuhai, Guangdong, of which 100 were given away by Lai to his ex-wife and many mistresses.

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Top image via Second Intermediate People's Court of Tianjin/AFP/Getty Images