Former top banker executed in China for huge graft scandal

China on Friday executed a former top banker accused of taking $260 million worth of bribes, as well as other forms of corruption and bigamy, state media outlets reported. Lai Xiaomin was an infamous figure, a high-ranking party official and the former chairman of Huarong – one of the country’s largest state-controlled asset management firms. Lai was given a death term on January 5 by Tianjin No.2 Intermediate People’s Court after he confessed and all the money and property he accumulated over many years – said to be a record sum – was seized by state officials. Lai appealed for leniency but this was rejected … (full story)

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