Lai Xiamin (8 July 1962 – 29 January 2021) was a Chinese business executive and senior economist who served as a delegate to the 12th National People's Congress (2013-2018) and as chairman of the board of the China Huarong Asset Management from 2012 to 2018. He was fired for graft in 2018, and, on 5 January 2021, he was sentenced to death for bribery, embezzlement, and bigamy, and he was executed on 29 January.
Biography[]
Lai Xiamin was born in Ruijin, Jiangxi, China in 1962, and he was first employed at the People's Bank of China in July 1987. He rose to deputy division director, division director, and deputy department director, and he worked at the China Banking Regulatory Commission from 2003 to 2005. He became deputy party chief and president of China Huarong Asset Management in 2009, and he became the company's party chief and chairman in 2012. Lai was a member of the Communist Party of China, and he served as a delegate to the National People's Congress from 2013 to 2018. On 17 April 2018, he was put under investigation for corruption, and he was expelled from the party on 15 October 2018. In January 2020, Lai confessed that he had embezzled over 200 million yuan from his company and hidden it in safes, cupboards, and cabinets at his Beijing apartment, which he nicknamed "the Supermarket"; he stashed luxury cars and gold bars; held millions of yuan in a bank account under his mother's name; and doled out Huarong-owned properties to his 100 mistresses. On 11 August 2020, he pled guilty to accepting $257.7 million in bribes over the course of ten years, and the court confiscated all of Lai's personal assets, including lavish goods, properties, luxury watches, and show cars. On 5 January 2021, he was sentenced to death for bribery, embezzlement, and bigamy, and he was executed on 29 January 2021.