Former China Huarong International executive sentenced to death for bribery (updated)

China CITIC Financial Asset Management

28/05/2024 10:53

(Adds details, background)
       BEIJING, May 28 (Reuters) - A former general manager of
China Huarong International Holdings, Bai Tianhui, has been
sentenced to death by a court in the northern city of Tianjin
for taking bribes, state broadcaster CCTV reported on Tuesday.
        Bai was convicted of receiving bribes totalling 1.1
billion yuan ($151.81 million) between 2014 to 2018, according
to the Secondary Intermediate People's Court of Tianjin, the
report said. 
  
        He abused his power to provide assistance to relevant
entities in project acquisitions and corporate financing, it
said.
  
        The amount of bribes taken by Bai was "particularly
huge" and "the social impact was particularly pernicious,
causing particularly serious losses to the interests of the
state and the people", it said.
  
        China Huarong International Holdings is a key offshore
financing unit of troubled asset manager China Huarong Asset
Management, which was renamed China CITIC Financial Asset
Management in January after it was taken over by state-owned
conglomerate CITIC Group  CITIC.UL .
  
        Lai Xiaomin, a former chairman of China Huarong, 
    was sentenced to death
     in 2021 after he was found guilty of taking bribes
totalling 1.788 billion yuan from 2008 to 2018.
  
    
($1 = 7.2461 Chinese yuan renminbi)

 (Reporting by Beijing Newsroom; Editing by Andrew Heavens and
Raju Gopalakrishnan)
 ((Ethan.Wang@thomsonreuters.com;))