Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
Apple Swerves $150 Levy on iPhones As U.S. and China Strike Trade Deal
Alibaba Co-Founder Steps Down From Board Affiliated to Chinese EV Maker
China Merchants Bank Executive Arrested in Connection to P2P Business
LATEST
Ping An’s OneConnect Expands U.S. IPO to Raise $312 Million
China Hits the Accelerator on Road Surveillance Equipment
Baidu Unveils Budget Touch-Screen Smart Speaker with Focus on Child Safety
Alibaba Co-Founder Steps Down From Board Affiliated to Chinese EV Maker
Samsung Invests Additional $8 Billion in Flash Memory Chip Production in China
Markets Applaud Talk of U.S.-China Trade Deal
Chinese Genome Sequencing Firm to Supply Tech to Abu Dhabi Personalized Health Care Project
Apple Swerves $150 Levy on iPhones As U.S. and China Strike Trade Deal
China Merchants Bank Executive Arrested in Connection to P2P Business
Hillhouse-Backed Genor Plans $200 Million Hong Kong IPO
GitHub Looks to Open Subsidiary in China
5G Handsets Grow As Proportion Of China’s Sluggish Smartphone Market
China Executes Man Who Killed 3 Fearing Wife’s Forced Sterilization Under One-Child Policy
Agriculture Insurance Companies Take A Hit From African Swine Fever
Tencent-Backed News App Denies Explosive Fraud Allegations From U.S. Due-Diligence Firm
Defying Sentiment, WeWork’s China Rival Files for New York IPO
Electric Car Maker Nio Cuts 141 Jobs at North American Headquarters
Huawei Wins Telefonica Deal to Help Build German 5G Network
China Unveils First 3D Images From Newest Earth Observation Satellite
Tesla to Raise Prices in China Again, Sources Say

By Leng Cheng / Feb 15, 2019 06:13 PM / Finance

Photo: VCG

Photo: VCG

Lai Xiaomin, the former boss of China Huarong, one of the nation’s four largest distressed-asset managers, has been formally charged with corruption, bribery and bigamy, the country’s top prosecutor’s office announced on Friday.

The Central Commission for Discipline Inspection began investigating Lai on suspicion of graft last April. He reportedly had three metric tons of cash stashed at home and a bank account under his mother’s name worth 300 million yuan ($43.4 million).

Lai was formally arrested in November, and his case was transferred to prosecutors in China’s northern port city of Tianjin for review.

Prosecutors have submitted an indictment to the city’s No. 2 Intermediate People’s Court, the Supreme People’s Procuratorate said in a Friday statement. In the indictment, Lai was charged with illegally taking a “huge amount” of bribes through his positions as ex-party chief and head of Huarong Asset Management, director of the general office at the former China Banking Regulatory Commission, and ex-party chief of Huarong Xiangjiang Bank Corp. He was also charged with living together with a person “as husband and wife” while still legally married to someone else, the statement said.

The latest statement didn’t disclose the date of Lai’s trial.


Share this article
Open WeChat and scan the QR code