A significant event took place in China yesterday with the execution of Lai Xiaomin, the former head of one of China’s biggest asset management companies after he was found guilty of taking bribes of $280m over a 10 year period when he worked at Huarong Asset Management and, before that, at the China Banking Regulatory Commission.
The execution follows a years-long campaign by President Xi Jinping to root out corruption. ‘Corruption’ is not just a ‘word’ but a defect that, if un-corrected, destroys the faith of the people in the Party which is the key number one relationship in China.
Caixin, a business publication in China, reported that 100 properties were distributed to Lai’s former wife and several mistresses.
In 2002 12,000 executions were carried out; in 2010, 5,000 and in 2018, 2000. But the Government will continue to use the death penalty to send strong messages. And the strongest message is that Party members must never benefit from power.
