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Monday June 17, 2024

China sentences former asset manager to death for ‘extremely large’ bribes

By AFP
May 29, 2024
This photo released by the Tianjin No.2 Intermediate People’s Court shows Huarong Asset Managements subsidiarys former general manager Bai Tianhui (C) during his sentencing at the court on May 28, 2024. — AFP
This photo released by the Tianjin No.2 Intermediate People’s Court shows Huarong Asset Management's subsidiary's former general manager Bai Tianhui (C) during his sentencing at the court on May 28, 2024. — AFP

SHANGHAI: A Chinese court on Tuesday sentenced to death a former executive of one of the country´s largest state-controlled asset management firms for accepting “extremely large” bribes, state media reported.

Bai Tianhui, the former general manager at a subsidiary of bad-debt manager Huarong Asset Management, was found guilty of receiving the equivalent of more than 1.1 billion yuan ($151.9 million) while using his management positions to offer favourable treatment in “matters including project acquisition and corporate financing”, state broadcaster CCTV said.

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 receiving bribes worth $260 million.