Home Top Stories China Executes Ex-banker Over "Country's Biggest Financial Scandal

China Executes Ex-banker Over “Country’s Biggest Financial Scandal

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Lai Xiaomin, the previous banker convicted of China’s largest known corruption scandal, was executed yesterday “following legal procedures” after being sentenced earlier this month by the Supreme People’s Court. Although no further details of the execution were disclosed, the authorities explained that the previous magnate was ready to meet together with his relatives for a couple of moments before the execution of the execution .

The case of Lai Xiaomin is that the most notorious of the purge against corruption unleashed by President Xi Jinping, which has led to the removal or expulsion from the Communist Party of dozens of officials and businessmen. The scandal stirred the country when it had been learned that the previous banker had obtained 225 million euros (1,788 in its conversion into yuan) in corruption and bribes administered during a decade, between 2008 and 2018, when he was one among the most leaders of the China Banking Regulatory Commission. The financier was also charged with bigamy by marrying and having children while married to a different woman.

A VERY WEALTHY LIFE

Xiaomin was president of Huarong, a state-controlled fund management company – actually one among China’s ‘bad’ banks – where he embezzled quite three million euros. The court that attempted him within the city of Tianjin held during the trial that the financier repeatedly demanded bribes in exchange for the concession of projects to certain companies or just promotions, which “endangered the safety and stability of finances nationals ”. “Anarchic and greedy”, thus he was ready to amass a fortune with which he led a lifetime of luxury and allowed him to require ownership of various high-end properties and cars, among other assets.

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Arrested in 2018, the tycoon was immediately expelled from the Communist Party of China. The local press described his actions because the “biggest financial scandal” to possess occurred within the Asian giant whose judiciary , with the rapid execution of the prisoner, barely twenty days after the sentence was handed down, would be setting an example of an important hand against corruption.

Although the executions within the country are considered a state secret, various civil rights organizations estimate that there are thousands a year. the newest , most rigorous studies go back a decade and cite a rate above that of the us , with about 60% of all executions globally.The majority of death sentences are for serious murder and drug traffic , and execution is never applied to corruption cases. In many cases, it’s modified by captivity .

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