Arrest of China’s top banker for graft reveals rampant corruption in CCP
The chairman of China Huarong Asset Management, one of China's top bankers, who also served as the Communist Party chief inside the company, Lai Xiaomin has been arrested for taking USD 256 million in cash and gifts. His arrest has revealed the rampant corruption in the government.
According to media reports, he was accused of exploiting various professional positions and accepting ill-gotten gains, including money and goods worth 1.79 billion yuan, of which 104 million yuan was eventually not received, between 2008 and 2018, when he headed Hong Kong-listed China Huarong Asset Management and was the director-general of the People's Bank of China's banking supervision department. He is also accused of embezzling public assets worth more than 25.13 million yuan between 2009 and 2018.
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