SHANGHAI: A former executive of one of China’s largest state-controlled asset management firms was sentenced to death on Tuesday (May 28) for accepting “extremely large” bribes, according to state-run media.
Bai Tianhui, the former general manager of a subsidiary of bad-debt manager Huarong Asset Management, was found guilty of accepting more than 1.1 billion yuan (US$151.9 million) while using his management positions to offer preferential treatment in “project acquisition and corporate financing,” according to state broadcaster CCTV.
Huarong has been a major target of Chinese President Xi Jinping’s years-long graft crackdown, with its former chairman, Lai Xiaomin, executed in January 2021 for accepting bribes totaling US$260 million. China’s top leaders declared at a Politburo meeting on Monday that discussed financial risks that “those who fail to perform their duties will be held to account and be severely punished”, state news agency Xinhua said.
Supporters claim the anti-corruption campaign promotes clean governance, but critics argue it gives Xi the authority to purge political rivals.
According to CCTV, the court sentenced Bai to “death, deprivation of political rights for life, and confiscation of all personal property.
