Former top banker in China executed for taking $155 million in bribes

The former head of China Huarong International Holdings, Bai Tianhui, has been executed by Chinese authorities after being found guilty of taking bribes worth around $155 million.

According to Chinese state media, Bai had benefited from large sums in exchange for favors in acquisitions and financing projects between 2014 and 2018. The company he served is part of one of the largest debt management funds in the country.

Huarong has been at the center of President Xi Jinping's anti-corruption campaign for years. Its former chairman, Lai Xiaomin, was executed in 2021 for taking even higher bribes. The death penalty in corruption cases in China is often given with a two-year suspension, but Bain was given no commutation.

He appealed the decision, but the Court of Appeal upheld the conviction. The Supreme Court later confirmed that his crimes were “extremely serious.” According to the court, the bribes had caused great harm to the interests of the state and the people, Reuters reports.

The execution was carried out in the city of Tianjin, after Bain was given the opportunity to meet with family and relatives.

China does not publish official statistics on the number of executions, but human rights organizations say they number in the thousands per year.

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