The Highest Bribery Amount in History at Jung District Court Sentenced to Death Again in Second Trial

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Lai Xiaomin, former chairman of China’s largest asset management company Huarong Asset Management Corporation, who was indicted for receiving a record-breaking bribe worth over 300 billion KRW, was sentenced to death again on the 21st in the second trial.

According to state-run Global Times and others, the Tianjin High People’s Court dismissed Lai’s appeal and upheld the original verdict on the same day. On the 5th, Lai was found guilty of all charges including bribery and bigamy, and was sentenced to death.

Lai was charged with receiving bribes totaling 1.788 billion yuan (approximately 3.042 trillion KRW) from 2009 to 2018, as well as bigamy for living with a woman other than his legal spouse. Rumors quickly spread that Lai owned more than 100 real estate properties, accepted bribes from over 100 people, and had about 100 mistresses besides his wife.

In 2018, Lai was investigated for disciplinary violations by the Central Commission for Discipline Inspection, the Chinese Communist Party’s anti-corruption agency, and resigned. Subsequently, cash bundles weighing 3 tons and totaling 270 million yuan were found at his residence.

This content was produced with the assistance of AI translation services.