Corrupt Chinese banking magnate executed for taking over £200m in bribes

A former top banker in China was executed for taking millions in bribes for serious crimes.

Lai Xiaomin, the former chairman of Huarong, one of China’s largest state-controlled asset management firms, was put to death by a court in the northern city of Tianjin on January 29.

The corrupt banker was accused of taking almost 1.8 billion yuan (£204 million) worth of bribes for serious crimes that would have a 'severe social impact,' the South China Morning Post reported.

China Central TV said: “The amount of bribes received by Lai Xiaomin was extremely large, the crime’s circumstances were particularly serious and the social impact was particularly severe."

The broadcaster also cited China’s Supreme People’s Court as saying that they reviewed and approved an execution order for Mr Xiaomin.

The Tianjin court ruled he had shown “extreme malicious intent” and abused his position to obtain the vast sum.

The 58-year-old was also found guilty of bigamy after living with a woman “as man and wife for long periods” outside his marriage and fathering illegitimate children.

Details have not been given on the method of execution but he was allowed to say his goodbyes to close relatives beforehand.

Chinese courts have a conviction rate of over 99% with very rare cases of sentences being overturned.

Rights group Amnesty International estimates the country is the top executioner globally, with thousands executed and sentenced to death every year.

However, the number of executions carried out annually is considered a state secret.

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