Lai Xiaomin: China sentences former Huarong chairman to death for bribery

Lai Xiaomin — who used to chair China Huarong Asset Management — was guilty of taking or seeking bribes totaling nearly 1.8 billion yuan ($277 million), a court in the port city of Tianjin said on Tuesday. Chinese state media reported in August that he pleaded guilty at an earlier hearing in the case.

The court said the bribes happened over the 10 years leading up to 2018, when Lai was investigated as part of a broader clampdown on the financial sector.

China’s court system has a conviction rate of around 99{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49}, according to legal observers, and corruption charges