Chinese asset chief faces graft probe

BEIJING: The chairman of a Chinese state-controlled asset management company is under investigation for suspected graft, becoming the latest high-profile figure ensnared in the government’s anti-corruption dragnet. The anti-corruption agency said late Tuesday that Lai Xiaomin, chairman of state-controlled China Huarong Asset Management Co., was being investigated for “serious violations of (Communist) party discipline and law,” a euphemism for graft. China Huarong is the country’s largest distressed-asset management company and Lai, 56, is one of the most high-profile figures to be probed by the National Supervision Commission, a new super anti-graft agency set up in March.