China executes former official of Huarong offshore finance unit for graft

The Star

China executed on Tuesday (Dec 9) a former general manager of China Huarong International Holdings, Bai Tianhui, for taking bribes totalling 1.1 billion yuan, said state broadcaster CCTV.   WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00The Second Intermediate People's Court of China's Tianjin Municipality on Tuesday executed

00:07China Huarong's former general manager Bai Tianhui for graft.

00:12State-owned TV station CCTV said the court received approval from the Supreme People's

00:17Court to execute the death penalty on Bai, who was sentenced to death in May last year.

00:23The Tianjin Higher People's Court dismissed the appeal by the accused and upheld the lower

00:28court's decision in February.

00:31Reports said the accused exploited his position at Huarong International Financial Holdings

00:35Limited and China Huarong International Holdings Limited between 2014 and 2018 to accept bribes

00:43and assets totaling 1.1 billion yuan.

00:48They said the amount of bribes taken by the accused was huge, and its social impact was

00:53particularly pernicious, causing tremendous losses to the state and the people.

00:59In 2021, China executed former China Huarong chairman Lai Xiaomin after he was found guilty

01:05of receiving bribes totaling 1.79 billion yuan.

01:10The company is a key offshore financing unit of troubled asset manager China Huarong Asset

01:15Management, which was renamed China CITIC Financial Asset Management, in 2024.

01:23Huarong was one of China's biggest debt managers, and it was set up to handle bad loans from state

01:28banks.

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