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.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas