China sentences former asset manager to death for ‘extremely large’ bribes

SHANGHAI: A Chinese court on Tuesday sentenced to death a former executive of one of the country´s largest state-controlled asset management firms for accepting “extremely large” bribes, state media reported.

Bai Tianhui, the former general manager at a subsidiary of bad-debt manager Huarong Asset Management, was found guilty of receiving the equivalent of more than 1.1 billion yuan ($151.9 million) while using his management positions to offer favourable treatment in “matters including project acquisition and corporate financing”, state broadcaster CCTV said.

Huarong has been a major target of Chinese President Xi Jinping´s years-long graft crackdown, with its former chairman Lai Xiaomin executed in January 2021 for receiving bribes worth $260 million.