China sentences bank official to death for taking Rs 2,000 crore bribe

Beijing, January 31, 2021, Sunday

A top bank official has been sentenced to death in a high-profile bribery case in China. Lai Shaomin, 58, has also been a member of the Communist Party.

He was accused of accepting a bribe of Rs 2,000 crore while working as a senior banking regulator. It was not immediately clear if he was hanged or if the sentence was carried out in any other way.

The officer was also accused of secretly starting another family. He had been living with another woman for a long time as a husband and wife and had a child.

Lao took a bribe of Rs 2,000 crore between 2008 and 2018. He was also chairman of China's Huarong Asset Management Company. However, after the court sentenced Lao to death, the case was reviewed by the Chinese Supreme Court. Caused damage and therefore his death sentence was upheld.

When raids were carried out on Lao's flat in connection with a bribery case, bundles of currency notes were found in some parts of the apartment.