China executes former head of state-owned asset management company

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The former head of a Chinese state-owned asset management company was executed Friday on charges of taking bribes in an unusually severe penalty for a recent corruption case.

Lai Xiaomin of China Huarong Asset Management Co., was among thousands of officials snared in a long-running anti-graft campaign led by President Xi Jinping. Others including China's former insurance regulator have been sentenced to prison.The Second Intermediate People's Court of Tianjin ruled in January that death was justified because Lai took "especially enormous" bribes to make investments, offer construction contracts, help with promotions and provide other favours.

Lai "endangered national financial security and financial stability," said a commentary on the state TV website.Most death sentences imposed by Chinese courts are suspended for two years and usually are commuted to life. Death penalties without the chance of a reprieve are rare. Lai was placed under investigation by the ruling Communist Party's anti-corruption watchdog in 2018 and expelled from the party later the same year.

 

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