China executed the former head of the state-owned China Huarong Asset Management Co. Lai Xiaoming.

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Huarong Asset Management Co. Lai Xiaoming.

China executed the former head of the state-owned China Huarong Asset Management Co. Lai Xiaoming. He broke the record for bribes in the last 70 years. In addition, the official, while married, lived with another woman and had a child with her.

The court convicted the former chairman of the board of directors of the state-owned China Huarong Asset Management Co. Lai Xiaoming and the death sentence was carried out today, the Global Times reported.

In addition, the former head of the state-owned company had all his property confiscated. He was charged with corruption, embezzlement of budget funds, abuse of power, and bigamy.

In particular, the investigation found that Lai through intermediaries illegally received money and assets worth approximately 1.79 billion yuan ($277 million). The corrupt offenses were committed from 2008 to 2018 in finance-raising projects and related contractual agreements.

In addition, the official did not shy away from taking bribes to help with promotions and job transfers. He was also found guilty of embezzling 25.13 million yuan of public money and bigamy: while married, Lai lived with another woman and had a child with her.

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The court verdict said that the total amount of bribes was the largest since the founding of the People’s Republic of China in 1949. However, the state managed to recover most of it.