First-instance verdict delivered in the case of Lai Xiaomin, former chairman of China Huarong Asset Management Co., Ltd., for bribery, embezzlement, and bigamy.

　　On January 5, 2021, the Second Intermediate People’s Court of Tianjin publicly pronounced its verdict in the case brought by the Second Branch of the Tianjin People’s Procuratorate against Lai Xiaomin, former Party Secretary and Chairman of China Huarong Asset Management Co., Ltd., for bribery, embezzlement, and bigamy. The court sentenced the defendant, Lai Xiaomin, to death for bribery, with deprivation of political rights for life and confiscation of all his personal property; to eleven years’ imprisonment and confiscation of RMB 2 million in personal property for embezzlement; and to one year’s imprisonment for bigamy. The court ultimately decided to impose the death penalty, with deprivation of political rights for life and confiscation of all personal property.

　　Meanwhile, the court ruled that the proceeds of bribery obtained by Lai Xiaomin, together with any孳息 generated therefrom, shall be confiscated and turned over to the state treasury; any shortfall shall continue to be pursued. As for the proceeds of embezzlement, they shall be returned to the victimized entities in accordance with the law.

　　Upon trial, it was ascertained that, from 2008 to 2018, the defendant Lai Xiaomin, taking advantage of his positions—including Director of the General Office of the former China Banking Regulatory Commission; Deputy Secretary of the Party Committee and President of the former China Huarong Asset Management Company; and Party Secretary and Chairman of China Huarong Asset Management Co., Ltd. as well as Party Secretary of Huarong Xiangjiang Bank Co., Ltd.—as well as the convenient conditions arising from his official authority and status, used the official acts of other state functionaries to provide assistance to relevant entities and individuals in obtaining financing, securing construction projects, engaging in joint ventures, transferring jobs, and receiving promotions or adjustments in rank. He thereby directly or through persons with whom he had a special relationship illegally accepted or extorted property from such entities and individuals, totaling over RMB 1.788 billion. Of this amount, more than RMB 104 million had not yet been actually obtained, constituting an attempted crime. From late 2009 to January 2018, while holding the aforementioned positions—Deputy Secretary of the Party Committee and President of the former China Huarong Asset Management Company; Party Secretary and Chairman of China Huarong Asset Management Co., Ltd.; and Party Secretary of Huarong Xiangjiang Bank Co., Ltd.—Lai Xiaomin, in collusion with persons with whom he had a special relationship, misappropriated and siphoned off public funds of his unit, totaling over RMB 25.13 million. Furthermore, during the period when he was legally married to his wife, Lai Xiaomin also maintained a long-term cohabitation with another person under the guise of a marital relationship and fathered children with that individual.

　　The Second Intermediate People’s Court of Tianjin held that the defendant, Lai Xiaomin, committed the crimes of accepting bribes, embezzlement, and bigamy. The amount of bribes accepted by Lai Xiaomin was exceptionally large, the circumstances were particularly grave, and his subjective malice was extremely deep. Among the twenty-two instances of bribery, three involved sums exceeding RMB 200 million, RMB 400 million, and RMB 600 million, respectively, while another six each exceeded RMB 40 million. Moreover, Lai Xiaomin exhibited aggravating factors, including proactively soliciting bribes from others and accepting property in exchange for assisting others with job adjustments and promotions. In the course of his criminal activities, Lai Xiaomin abused his position as a senior official at a state‑owned financial institution to make unlawful decisions on major corporate projects, bypassing proper hierarchical channels to intervene in specific projects, thereby securing improper benefits for others. His conduct endangered national financial security and stability and had an extremely adverse social impact. Lai Xiaomin acted with utter disregard for law and discipline, displaying extreme greed; most of his criminal acts occurred after the 18th National Congress of the Communist Party of China, constituting a textbook case of persistent, unrelenting misconduct carried out in defiance of Party directives. His actions inflicted exceptionally severe losses on the interests of the state and the people, posing an enormous threat to society, and warranting the severest punishment under the law.

　　Although Lai Xiaomin provided crucial leads on serious crimes committed by his subordinates, which were verified as true and constitute significant meritorious service, considering the facts, nature, circumstances of his bribery offense, and the degree of harm it poses to society, such factors are insufficient to warrant a lenient sentence. Accordingly, the court rendered the aforementioned judgment.

Source: Official Website of the Second Intermediate People’s Court of Tianjin Municipality