China finance official executed in bribery case News Staff

BEIJING — The former head of a Chinese state-owned asset management company was executed Friday on charges of taking bribes in one of the most severe penalties imposed in a recent corruption case.

Lai Xiaomin, 58, formerly of China Huarong Asset Management Co., was put to death by a court in the eastern city of Tianjin, the government announced.

The Second Intermediate People’s Court of Tianjin ruled in January that the unusually severe penalty was justified because Lai took “especially enormous” bribes that exceeded 600 million yuan ($93 million) in one instance. It said he sought or collected 1.8 billion yuan ($260 million) over a decade in exchange for abusing his position to make investments, offer construction contracts, help with promotions and provide other favours.

Most death sentences imposed by Chinese courts are suspended for two years and usually are commuted to life. Death penalties without the chance of a reprieve are rare.

The Associated Press

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