Caixin
Nov 07, 2018 04:29 PM
FINANCE

Disgraced Head of Major Financial Player Formally Arrested

Lai Xiaomin, the former boss of China Huarong Asset Management, one of the country’s big four distressed-asset managers. Photo: IC
Lai Xiaomin, the former boss of China Huarong Asset Management, one of the country’s big four distressed-asset managers. Photo: IC

An order has been issued for the arrest of Lai Xiaomin, the former boss of China Huarong Asset Management Co. Ltd., prosecutors announced Wednesday, indicating that the Communist Party’s anti-corruption watchdog has obtained evidence that Lai broke the law.

Lai, who reportedly had three metric tons of cash stashed at home and a 300 million yuan ($43.4 million) bank account under his mother’s name, began to be officially investigated by the Central Commission for Discipline Inspection (CCDI) on suspicion of graft in April.

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