Lai Xiaomin

Lai Xiaomin (Chinese: 赖小民; 8 July 1962 – 29 January 2021) was a Chinese business executive and senior economist who served as party secretary and chairman of the board of China Huarong Asset Management from September 2012 to April 2018.[2][3] He was sacked for graft on 17 April 2018.[4][5][6]

In this Chinese name, the family name is Lai.
Lai Xiaomin
赖小民
Delegate to the 12th National People's Congress
In office
March 2013 – March 2018
ChairmanZhang Dejiang
ConstituencyHunan
Personal details
Born(1962-07-08)8 July 1962
Ruijin, Jiangxi, China
Died29 January 2021(2021-01-29) (aged 58)
Tianjin, China
Cause of deathExecution
Political partyCommunist Party of China (expelled in 2018)
Children3
Alma materJiangxi University of Finance and Economics (BEc)
OccupationChairman of the Board, Party Committee Secretary, SOE Executive, politician, economist
OrganizationChina Huarong Asset Management
Criminal charge(s)Corruption, solicitation of bribes and bigamy
Criminal penaltyDeath penalty (without reprieve)[1]
Chinese name
Traditional Chinese賴小民
Simplified Chinese赖小民

On 5 January 2021, Lai was sentenced to death without reprieve for bribery, embezzlement, and bigamy. His private assets were seized as well.[7] The sentence was carried out on 29 January 2021.[8]

He assumed various posts in the People's Bank of China, including Deputy Director and Director of the Central Funding Department of the Planning Capital Department of the People's Bank of China, Director of the Second Division of the Bank, Deputy Director of the Credit Management Department, and Deputy Director of the Bank Supervision Second Division.

He was a delegate to the 12th National People's Congress.[9] His positions prior to his downfall included; Deputy Director of the Banking Supervision Department of the China Banking Regulatory Commission, Head of the Preparatory Team of the Beijing Supervision Bureau, Secretary of the Beijing Banking Regulatory Bureau, Secretary of the Party Committee, Director of the General Office of the China Banking Regulatory Commission, and Director of the Party Committee Office and Chief Spokesperson.

Biography

Lai was born into a family of very poor farmers[10] in Ruijin, Jiangxi in July 1962.[9] He was the youngest one of the five siblings.[11] In 1979, he ranked first in the county for the Gaokao examination. Later, he was educated at Jiangxi University of Finance and Economics,[10] majoring in economics management,[9] where he graduated in 1983[12] and obtained a bachelor's degree.[9]

Beginning in July 1987, he served in several posts in the People's Bank of China, including deputy division director, division director, and deputy department director. In April 2003, he was transferred to China Banking Regulatory Commission (CBRC), where he worked until December 2005. He was promoted to deputy party secretary and president of China Huarong Asset Management in January 2009. In September 2012 he was promoted again to become its party secretary and chairman of the board, the top political position in the company.[13][14]

Lai was a member of Chinese Communist Party (CCP), the Party secretary of China Huarong Asset Management's CCP Committee. As the Party secretary, he emphasized in 2015 that during the operation of China Huarong Asset Management, CCP Committee should play a central role, and party members should play an exemplary role.[15]

Investigation

On 17 April 2018, Lai was put under investigation for alleged "serious violations of discipline and laws" by the Central Commission for Discipline Inspection (CCDI), the party's internal disciplinary body, and the National Supervisory Commission, the highest anti-corruption agency of China.[4][16][17][18][19] He was expelled from the Communist Party and removed from office on 15 October 2018.[20]

In January 2020, Lai confessed in a state TV documentary broadcast to stashing over 200 million yuan in cabinets at his apartment.[21] Lai reportedly had safes and cupboards full of cash inside a Beijing flat he nicknamed “the supermarket”. He was also said to have held gold bars and luxury cars, a bank account in his mother’s name holding hundreds of millions of yuan, and more than 100 mistresses to whom he gave properties developed by a real estate subsidiary of Huarong.[22] Despite this, Lai noted that he '“did not spend a single penny".[21]

On 11 August 2020, the Second Intermediate People's Court of Tianjin heard his case in public. He pled guilty to accepting 1.79 billion yuan (US$257.7 million) in bribes, and being involved in other corruption and bigamy over a period of ten years.[23][24] The court confiscated all of Lai's personal assets including lavish goods such as properties, luxury watches, and show cars.[25]

Sentence

On 5 January 2021, Lai Xiaomin was sentenced to death for receiving bribes and committing bigamy.[7] He was executed on 29 January 2021.[26]

Personal life

Lai had a daughter with his first wife. He lived with another woman as husband and wife for a long time and had two sons with her while he was legally married to another woman.[27]

According to China Economy Weekly, Lai Xiaomin was involved in "three 100s", that is, more than 100 suites, more than 100 related persons, and more than 100 mistresses. Through subsidiaries such as Huarong Real Estate, Lai Xiaomin developed a community in Zhuhai City, Guangdong Province. In a real estate project with a total of 120 suites, there were 100 suites allocated to his ex-wife and many mistresses via fake lottery enrollment. [28]

Culture

It is said that the character Gao Yuliang (高育良) of In the Name of the People is based on the real-life of Lai Xiaomin.[27]

References
  1. "China sentences top banker to death for corruption and bigamy". the Guardian. 5 January 2021. Retrieved 6 January 2021.
  2. "Huarong Asset Chairman Lai Xiaomin Faces Graft Investigation". Bloomberg News. 17 April 2018. Retrieved 28 June 2018.
  3. Nina Xiang (17 April 2018). "China Huarong Chairman Lai Xiaomin Is Investigated For Severe Disciplinary Breaches". chinamoneynetwork.com. Retrieved 28 June 2018.
  4. Adam Jourdan; Donny Kwok (19 April 2018). "China Huarong confirms chairman departs after probe, shares tumble". reuters.com. Retrieved 28 June 2018.
  5. 赖小民“效应”：中国华融全系统筛查员工亲属移居海外名单. sina (in Chinese). 20 May 2018.
  6. 赖小民香江往事：被称“财神爷” 与某资本大佬交易频繁. cailianpress.com (in Chinese). 20 April 2018.
  7. "Lai Xiaomin, ex-chair of China Huarong Asset Management, gets death for graft". thestandard.com.hk. 5 January 2021. Retrieved 5 January 2021.
  8. "China executes ex-banker Lai Xiaomin in corruption, bigamy case". France 24. 29 January 2021. Retrieved 29 January 2021.
  9. 全国人大代表信息-赖小民. The official website of the National People's Congress (in Chinese). Archived from the original on 5 March 2016. Retrieved 5 April 2013.
  10. 出身农门金榜题名 昔日状元郎感恩时代. Phoenix. 9 November 2011. Archived from the original on 20 March 2015. Retrieved 14 January 2020.
  11. 凤凰网对话华融资产管理公司总裁赖小民文字实录. Phoenix. 10 November 2011. Archived from the original on 3 January 2016. Retrieved 14 January 2020.
  12. 中国华融改革发展的领航人―记统计学院赖小民校友. 江西财经大学校友办. Archived from the original on 17 October 2018. Retrieved 17 October 2018.
  13. 中国华融董事长赖小民落马：曾在王保安受贿案中作证. ifeng (in Chinese). 17 April 2018.
  14. 中国华融：董事长兼执行董事赖小民辞任 今天复牌. ifeng (in Chinese). 20 April 2018.
  15. 中国华融党委书记、董事长赖小民赴广东分公司调研 强调全系统要总结、学习、推广“广东经验”助推中国华融转型发展. 29 April 2015. Archived from the original on 5 January 2021. Retrieved 26 August 2020.
  16. "Senior bank regulatory official to be named China Huarong chairman: sources". reuters.com. 18 April 2018. Retrieved 28 June 2018.
  17. "China Huarong chairman Lai Xiaomin under investigation". atimes.com. 18 April 2018. Retrieved 28 June 2018.
  18. "Huarong Asset Chairman Lai Xiaomin Faces Graft Investigation". bloombergquint.com. 19 April 2018. Retrieved 28 June 2018.
  19. 华融赖小民朋友圈：车峰马仔、莆田首富浮现. 163.com (in Chinese). 3 May 2018.
  20. 中国华融资产管理股份有限公司原党委书记、董事长赖小民严重违纪违法被开除党籍和公职. Central Commission for Discipline Inspection. 15 October 2018. Retrieved 15 October 2018.
  21. GmbH, finanzen net. "A top Chinese banker confessed to taking bribes after $29 million in cash was found in his apartment | Markets Insider". markets.businessinsider.com. Retrieved 14 January 2020.
  22. Davidson, Helen; agencies (5 January 2021). "China sentences top banker to death for corruption and bigamy". The Guardian. ISSN 0261-3077. Retrieved 6 January 2021.
  23. "Huarong Asset ex-boss Lai Xiaomin convicted of 1.7b yuan graft". thestandard.com. 12 August 2020. Retrieved 14 August 2020.
  24. Pearl Liu (11 August 2020). "Ex-chairman of Hong Kong-listed bad asset manager Huarong pleads guilty to accepting US$257.7 million in bribes". South China Morning Post. Retrieved 14 August 2020.
  25. "China Sentences Ex-Finance Chief to Death on Corruption". Bloomberg.com. 5 January 2021. Retrieved 6 January 2021.
  26. "China executes ex-banker Lai Xiaomin in corruption, bigamy case". France 24. 29 January 2021. Retrieved 29 January 2021.
  27. 高育良原型:赖小民和发妻离婚 香港与新欢育双胞胎. 163.com (in Chinese). 21 April 2018.
  28. 颤抖吧，金融“内鬼”！ 中纪委盯上了. ceweekly.cn. Archived from the original on 5 January 2021. Retrieved 5 January 2021.
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