Former ‘Bad Bank’ Boss Stashed $40 Million at Homes
How much could a 3-ton pile of cash be worth?
Chinese graft investigators found a shocking answer during their probe of Lai Xiaomin, former head of China’s state-owned financial conglomerate China Huarong Asset Management Co. Ltd.
Investigators found 270 million yuan ($39.6 million) of cash in several properties owned by Lai. The bills of Chinese yuan and other currencies weigh nearly 3 tons and fill more than 3 cubic meters (106 cubic feet), according to information released during an internal meeting of senior Huarong executives last week, Caixin learned.
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