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Saturday, June 15, 2024

Corrupt Big Businessman Sentenced to Death

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Graham Perry
Graham Perry
Experienced Arbitration Lawyer | China & Chinese Business Affairs | Public Speaker/Lecturer.

An item that you might have missed.

Lai Xiaomin, former chairman of Huarong Asset Management has been sentenced to death for corruption. He was found guilty of taking bribes totalling $279m over a 10 year period. He is reported to have deposited Rmb300m in a bank account belonging to his mother and “stashed tonnes of cash at his home in Beijing”.

The saying goes “Mao saved the Country, Deng saved the Economy and Xi saved the Party”

Xi knew he had to root out corruption – inside and outside of the Party (and Lai was outside the Party). In this task Xi has been relentless and helped to restore the faith of the people in the leading role of the Party.

Corruption is a factor. Power and Money can become companions. Important, therefore, that the anti-corruption continues and is seen to continue. There will be more that will be exposed.

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