June 17, 2024 22:13 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Priyanka Gandhi to make poll debut with contest from from Wayanad, Rahul keeps Raebareli | Opposition slams Centre over Bengal train mishap that left 9 dead, demands govt to take responsibility | Elon Musk has not understood what the Indian EVM is: Rajeev Chandrasekhar counters Tesla CEO's claim | Result of mismanagement and negligence of Modi govt: Rahul Gandhi on Kanchanjungha train accident | Kanchanjungha train accident: Case of signal disregard, says Railway board chairman
Chinese Court sentences former banker to death for accepting $151 million bribe: Report
Photo Courtesy: Pixabay

Chinese Court sentences former banker to death for accepting $151 million bribe: Report

| @indiablooms | 29 May 2024, 11:42 pm

Beijing: A Chinese court has sentenced Bai Tianhui, the former general manager of China Huarong International Holdings (CHIH), to death for accepting bribes amounting to USD 151 million, media reported.

The verdict was delivered by the No 2 Intermediate People's Court of Tianjin on Tuesday, as reported by the state-run Xinhua news agency.

Bai was also stripped of his political rights for life, with all personal property confiscated.

The court ruled to recover his illegal gains and allocate them to the state treasury.

Exploiting his position, Bai facilitated acquisitions and project financing in exchange for substantial bribes, the court stated.

The verdict highlights the level of Bai's crimes, noting the huge financial losses incurred and adverse societal impact.

Despite providing information on other cases, Bai's actions did not warrant leniency, according to the court.

China has pursued an aggressive anti-corruption campaign under President Xi Jinping.

According to the report, death sentences are rare in China, and many officials have been allowed to opt for confessions and receive suspended sentences or lengthy prison terms.

CHIH, a subsidiary of China Huarong Asset Management (CHAM), underwent restructuring in January, becoming China Citic Financial Asset Management under Citic Group ownership, reported the South China Morning Post.

Bai's sentencing follows that of Lai Xiomin, former CHAM chairman, who was executed in January 2021 for similar charges, including accepting bribes amounting to 1.79 billion yuan (USD 247 million), embezzlement, and bigamy.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.