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ai Xiaomin, former China Huarong Asset Management board chairman, has been charged with bribery, corruption and bigamy, the Supreme People’s Procuratorate said on Friday.
China Huarong is one of the country’s four largest State-own asset management companies.
It is alleged that Lai exploited various professional positions, including head of the Huarong
corporation and director-general of the banking supervision department of the People’s Bank of China.
While in these positions, it is claimed that he asked for and received significant benefits in exc
hange for “aid”, according to a press release from the SPP, the country’s top prosecuting authority.
It also alleged that Lai was in illegal possession of a large number of public properties, a
nd that he was living as husband and wife with a woman other than his wife, the release said.
Lai, 56, was placed under investigation by the Central Commission for Discipline Inspection (CCDI) o
f the Communist Party of China in April last year for “serious violations of disciplinary rules
and laws”, and was expelled from the Party and removed from public office six months later.
The CCDI said he violated political disciplines and State financial policies to blindly expand the c
ompany and operate it in a disorderly manner, resulting in it deviating from its primary tasks and business.
Lai, a Jiangxi province native, started his career at the People’s Bank of China in July 1983, and went on
to hold key positions at the China Banking Regulatory Commission and Beijing Banking Regulatory Bureau.