Caixin
POLITICS & LAW

Former ‘Bad Bank’ Boss Stashed $40 Million at Homes

A video of Lai Xiaomin is seen in Beijing on July 29, 2017 at China Huarong Asset Management Co. Ltd.’s booth at the 25th China International Exhibition on Financial Banking Technology. Photo: VCG
A video of Lai Xiaomin is seen in Beijing on July 29, 2017 at China Huarong Asset Management Co. Ltd.’s booth at the 25th China International Exhibition on Financial Banking Technology. Photo: VCG

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.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.