THE WALL STREET JOURNAL
WORLD - ASIA
Former ‘Bad Bank’ Boss Accused Over Bribes, Banquets and Boudoirs
China’s graft agency says Lai Xiaomin, former chairman of China Huarong asset management firm, violated party discipline
By Chao Deng
Oct. 15, 2018 7:51 a.m. ET
BEIJING—A former Communist Party chief and ex-head of China’s largest “bad bank” will be prosecuted for using his position for personal gain after being swept up in President Xi Jinping’s yearslong crackdown on corruption.
In a statement Monday, China’s graft agency accused Lai Xiaomin, former chairman of China Huarong Asset Management Co., of violating party discipline by squandering state assets, illegally organizing public banquets, engaging in sexual dealings with multiple women and accepting bribes. “The nature is particularly...
READ MORE: https://www.wsj.com/articles/former-bad-bank-boss-accused-over-bribes-banquets-and-boudoirs-1539604276
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