Posted on 01/05/2021 9:39:49 PM PST by SeekAndFind
A former chief of a big Chinese state lender was sentenced to death on Tuesday for bribery, corruption and bigamy, in a rare and dramatic example of Beijing’s use of capital punishment for economic crimes.
Lai Xiaomin, the former chairman of Huarong Asset Management, was found guilty by a court in the coastal city of Tianjin of receiving some $277 million in bribes between 2008 and 2018. The government will confiscate his personal assets, it said.
Mr. Lai was “lawless and extremely greedy,” the Secondary Intermediate People’s Court of Tianjin said Tuesday in a statement, which added that his actions put national financial security at risk.
Mr. Lai, 58, was among the highest-profile figures to fall from grace amid a sweeping crackdown on corruption by Xi Jinping, China’s top leader. Mr. Lai was kicked out of the Communist Party in 2018 for violating party law and regulations, including abusing his power for sex. He confessed to taking cash bribes last year in a televised show on state media.
The unusually harsh sentence could send a signal that Mr. Xi is not ready to ease his anticorruption campaign, which he began shortly after he took control of the Communist Party in late 2012. The campaign has taken down some of his most powerful rivals. But it has also helped him contain concerns in China that party officials were becoming increasingly corrupt.
“Sentencing Mr. Lai to death will get a lot of support from lower- and middle-class people,” said Zhang Peihong, a partner at Hui Ye Law Firm in Shanghai.
China employs the death penalty widely, though government officials do not disclose figures. But its use for crimes like embezzlement, bribery and corruption has dropped in recent years amid public disapproval.
(Excerpt) Read more at nytimes.com ...
bigamy?
a number of years ago they sentenced the CEO of a dog food company to death, when it was disclosed they were making tainted dog food.
Who took the money?
Lai.
I’m not going to lie. I’m asking who took the money!
“extremely greedy”
Certain people didn’t get their cut. It’s going to be interesting to see how people like Bezos, Dork Zuckerturd, Jack Dorsey, Buffett and other mega rich liberals react to the US now under the rule of China. Let’s see if Bezos and his Washington Post has the gonads to criticize them like Jack Ma did who was then promptly was removed from this universe as a result.
Death sentence for bank fraud?
What’s the sentence for election fraud?
“It’s a rare move.”
I bet that’s what his lawyer said when explaining the sentence to him.
the guy on first,,,,
Can we send some of our dishonest elected people to China for swift judgement and punishment?
Those who will soon be peasants have no essential reason to chatter about the rich or famous. First, trolls who speak any kinds of rebellious words against the ruling party will be executed.
>> a rare and dramatic example
Opposed to the normally less dramatic.
More like a disinformation campaign propaganda move to make the fools in the US media think that he is a “Mr. Clean”.
Guess Xiaomin didn’t give him a big enough “cut” of the stolen money. And the NY Times will again, like Walter Duranty, sing the praises of another “Potemkin Village Mass murderer, Xi” as such a great reformer (just like they did for Stalin and later, Castro and his psychopath torturer/killer Che Guevara, Ho Chi Minh, and the then mysterious Pol Pot).
It’s the New York Times, folks. While their printing ink may be black, their philosophy is “red”.
Why should anyone trust communist legal systems?
Back in 2008, bank executives got bonuses instead of pristine n time.
Rare?
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