The former chairman of China Huarong Asset Management Co. has been sentenced to death, a court in the northern city of Tianjin said on Jan. 5, in one of the country’s highest-profile corruption cases.

Lai Xiaomin was convicted of receiving or seeking bribes totaling 1.788 billion yuan ($276.72 million) from 2008 to 2018, when he was also a senior banking regulator, according to the Secondary Intermediate People’s Court of Tianjin.

Lai, who was expelled from the ruling Communist Party in 2018, was also convicted on a charge of bigamy.

Chinese authorities alleged that Lai extorted bribes, colluded with others to embezzle large amounts of public assets, and took advantage of his positions to seek improper benefits for those who bribed him.

Reuters was unable to contact Lai or his lawyer for comment.

“Lai Xiaomin was lawless and extremely greedy,” the court statement said.

Huarong said its Communist Party committee supports the verdict.
https://m.theepochtimes.com/former-...-company-sentenced-to-death_3644213.html

It’s a shame that a bunch of our bankers didn’t get the same after 2008 !

Yep. Firing squad.

What do they do with corrupt politicians?

If someone would take the risk in a Country like China, I wonder how many would take the risk in Countries where the punishment is minimal if anything.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning".

-Henry Ford

Just like here - put them in a higher position.

definitely solve our prison overcrowding problem

The Chinese regularly execute corrupt politicians. Mostly those who aren’t in the click currently ruling the country. Heck , just criticize the way they rule the country and the Chinese will ruin you. Jack Ma is currently having his financial empire destroyed. Went from the richest man in China to hoping to not end up in prison.

Does anyone really think the CCP itself is not corrupt.

It comes down to human greed. A guy makes 1/4 billion, legally or not. How much can he spend in a lifetime? It doesn't matter how much he can spend, he still wants more. Look at our pro athletes, making millions a year. They can't spend it all but its a game, a matter of making more than the next guy. Look at our high tech billionaires, Bezos, Gates, and the rest, incredibly wealthy but still fighting for more. There's never enough. You've heard the old saying about the millionaire who died. "How much did he leave? All of it."

80 million U.S. voters appear to be ok with the CCP. Slavek tells me, wealthy folks are teaching their children mandarin. The media blasts Trump for his tough policies on China. Google and big tech love them. LeBron James is a big fan.
Maybe we are just looking at this wrong, OldHat. I mean they are tough on crime and definitely support their law enforcement.

ETA, to all my ancestors that fought communism, the above is tic.

They also execute you for jay walking, especially if you have good looking Kidney's and Liver that you may be willing or unwilling to donate.

So we are now advocating emulating the Chinese Communists?

We aren't, but at least half of our Politian's seem to.

It's mostly about the power that the money brings. There are, however, lots of ways they spend it. I can link you to monoblock audio amplifiers that cost $37,000 each, and speakers that run north of $500K.

You gotta have the best and most refined for your Manhattan penthouse and your estate in the south of France.

Totally unacceptable. They're supposed to be handing bribes out to US, UK, EU, and AUS politicians, not accepting them.

If you're going to accept bribes on that scale, you have to also pay out large bribes to the proper government officials to stay alive.

The problem with Western gazillionaires is that they’re not content having more money than God, they want to tell everyone else what they should think and how they should live, especially if there’s even more money for them in it. Gates, for example, knows that climate change is a hoax, but there’s money and power to be had for those that run the scam. These guys have egos that dwarf those of most politicians.

You mean like the USA!

Exactly. Look at all the chit Biden has gotten away with.

This is not justice China. He didn't pay off the right communist officials or they wanted his position so they needed to get rid of him and use his conviction for propaganda. Americans are so naive and ignorant as to the way of life and business in Communist China. Everyone in China steals, cheats and bribes just like the way it was in the Soviet Union. . The only way to get business done there.

I imagine they already have Hunter Biden or Romney's sons ready to replace him.

You would be surprised at how many pro athletes are flat broke 5 years after retirement.

I don't believe anything coming from the Chinese "government" without other sources out of country backing it up.
More likely he pissed off "government", the cause that gets them most riled up these days being exposing their lies and bs.
Corruption in China is A OK as long as it follows the company line.

From what I've seen and heard about China, everybody with a title gets a bribe or steals money placed in their trust. If this guy got in trouble, it had nothing to do with the money, and more likely who's money it was or which Chicom Party leader he pissed off. If you just steal and go with the flow, you don't have problems...but if you get too big for your breeches, you won't last long.

Sounds like the Democrat Party.

Yep, most likely aligned with Jiang Zemin's group. You can bet that a banker that did the identical things, but was allied with the Xi Jinping faction would still be sitting pretty. Not sure what will happen to Ma. Maybe he'll serve as the shining example to all other Chinese entrepreneurs that they'd best keep their mouths shut, and that even mild criticism of the CCP will not be allowed.

And then there’s Jack Ma who criticized Globalist Bankers and seems to have just disappeared from China altogether; hasn’t been seen since October.