Disgraced Head of Major Financial Player Formally Arrested
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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