A Second Ex-Huarong Executive Sentenced to Death Over Bribery [BNN Bloomberg (Canada)]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: BNN Bloomberg
Bai Tianhui, a former general manager at the unit of bad asset manager China Citic Financial Asset Management Co., was handed the sentence by a Tianjin court on Tuesday, according to China Central Television. Bai had committed “serious crimes” and taken a “huge amount” of bribes totaling 1.1 billion yuan ($153 million), the report said. Bai is the second former executive facing death sentence and linked to China Huarong Asset Management Co, before the state bad debt manager was bailed out by Citic Group. Lai Xiaomin, the former Huarong chairman, was executed in 2021 for bribery. While most Chinese officials and executives facing death sentence on corruption charges have been given reprieve in recent years, those that caused massive losses or with severe conditions get no respite. China's president Xi Jinping has moved more policy focus on tackling financial risks as his administration tries to stabilize the world's second largest economy. At a Politburo meeting on Monday, Xi told
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