The former chairman of one of China's biggest state asset management firms was also accused of bigamy. Chinese President Xi Jinping says he is trying to stamp out corruption.
A former executive at one of China's largest state-controlled asset management firms was sentenced to death on Tuesday for allegedly soliciting $260 million (€212 million) in bribes, corruption and bigamy.
Lai Xiaomin, a former Communist Party member, gave a detailed televised confession on state broadcaster CCTV last January.
The channel showed footage of safes and cabinets stuffed with cash in a Beijing apartment allegedly belonging to him.
Lai served as chariman of the China Huarong Asset Management Co. until 2018, when investigators began looking into his affairs.
Judges in the northern city of Tianjin ruled he had abused his position with "extreme malicious intent" to obtain "extremely large amounts" of money.
His behavior "endangered national financial security and financial stability," the court said.
Lai was also found guilty of bigamy after living with a woman "as man and wife for long periods" outside of his marriage and fathering illegitimate children.
Lai sacked from Communist Party
Officials removed him from his job in April 2018 and stripped him of his party position as part of what Chinese President Xi Jinping calls an anti-corruption drive.
Critics believe the move to rein in business executives is actually a bid to tighten Xi's group on the country's economy and side-line potential rivals.
During his TV confession, Lai said he "did not spend a single penny, and just kept it there. I did not dare to spend it."
The CCTV footage also showed luxury cars and gold bars reportedly accepted by Lai as bribes.
The channel often broadcasts interviews with suspects admitting to crimes before they have appeared in court.
Human rights lawyers say the practice is designed to force confessions under duress.
The court said Lai would have all personal assets confiscated and be stripped of his political rights.
Photos published by the court showed Lai standing up and facing the judge to be sentenced, flanked by two police officers wearing face masks.
China's anti-corruption purge
The sentencing brings an end to one of the country's biggest financial crime cases, and comes as Beijing takes an increasingly tough stance on corporate crime.
But since Xi came to power, only one high ranking official has been executed — Zhao Liping, who was convicted of homicide in 2016.
Three other senior Communist Party members have been sentenced to death but later given a reprieve.
The former head of Interpol, an ex-spy chief and a Xinjiang governor accused of "trading power for sex" are some of the other high-profile officials to suffer spectacular falls from grace in recent years in the anti-corruption purge.
Latest Stories
-
Emotional support alligator taken and released in swamp
18 seconds -
A mate is a mate, Bawumia can’t be in the driver’s seat – NDC Communicator
2 mins -
Over 400 million Google accounts have used passkeys, but our passwordless future remains elusive
5 mins -
Kwame Nkrumah Memorial Park surpasses Aburi Gardens as most visited site in 2023 – GTA
7 mins -
Third IFC EDGE Students Design Competition opens in Ghana
16 mins -
Lawrence Baidoo: Are we really doing this to our Black Princesses?
25 mins -
Telecel Ghana commits to community collaboration during Western Region tour
34 mins -
Chieftaincy Ministry shouldn’t have written the letter – Atuguba on Akufo-Addo-chiefs saga
39 mins -
Joe Vibe strikes a ‘Pose’ with new song
43 mins -
Works begin on inner-city roads in Ho
54 mins -
GJA to commemorate World Press Freedom Day in Koforidua
1 hour -
West Ham ban director Tim Steidten from dressing room as search continues for new manager
1 hour -
Ghana Stock Exchange approves listing of Atlantic Lithium Limited
1 hour -
I haven’t been treated well by the NPP but I remain loyal – Former NPP MP
2 hours -
IGP petitioned to probe Kwadaso MP over ‘white envelope’ incident
2 hours