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State broadcaster CCTV reported that Bai Tianhui, former general manager of China Huarong International Holdings (CHIH), was found guilty of accepting more than $156 million in bribes between 2014 and 2018 in exchange for providing favors in project acquisitions and financing.
Bai Tianhui, the former general manager of China Huarong International Holdings
New Delhi: China executed a former executive of a top state-owned asset management firm on Tuesday for corruption, state media reported.
State broadcaster CCTV reported that Bai Tianhui, former general manager of China Huarong International Holdings (CHIH), was found guilty of accepting more than $156 million in bribes between 2014 and 2018 in exchange for providing favors in project acquisitions and financing.
Huarong a Target of Xi Jinping's Campaign
CHIH is a subsidiary of China Huarong Asset Management, one of the country's largest asset management funds, which focuses on managing bad debt. Huarong has been a major target of President Xi Jinping's years-long anti-corruption campaign, and its former chairman, Lai Xiaomin, was executed in January 2021 for accepting $253 million in bribes.
Bai's Sentence Not Suspended
Several other Huarong officials have also been caught up in the anti-corruption investigations. In China, the death penalty for corruption is often handed down with a two-year reprieve, which is then commuted to life imprisonment. However, Bai's sentence, which was first handed down by a court in the northern city of Tianjin in May 2024, was not suspended.
He appealed his sentence, but the original ruling was upheld in February. According to the CCTV report, China's highest court, the Supreme People's Court, confirmed the decision after a review, stating that Bai's crimes were "extremely serious."
The broadcaster reported that Bai was executed in Tianjin on Tuesday morning after meeting with close relatives, but did not specify how the execution was carried out. Bai is the latest high-ranking figure to be punished in China's ongoing crackdown on corruption in the financial industry.
