Lai Xiaomin

Lai Xiaomin (Chinese: 赖小民; born July 1962) is a Chinese business executive and senior economist who served as party chief and chairman of the board of China Huarong Asset Management, one of the largest financial asset management company in China, from September 2012 to April 2018.[1][2] He was sacked for graft on April 17, 2018.[3][4][5] He assumed various posts in the People's Bank of China, including Deputy Director and Director of the Central Funding Department of the Planning Capital Department of the People's Bank of China, Director of the Second Division of the Bank, Deputy Director of the Credit Management Department, and Deputy Director of the Bank Supervision Second Division.

Lai Xiaomin
赖小民
BornJuly 1962 (age 58)
Ruijin, Jiangxi, China
OccupationChairman, Party Chief
SOE Executive
economist
OrganizationChina Huarong Asset Management
Political partyCommunist Party of China (expelled)
Children3
Chinese name
Traditional Chinese賴小民
Simplified Chinese赖小民
This is a Chinese name; the family name is Lai.

He was a delegate to the 12th National People's Congress. His former positions include Deputy Director of the Banking Supervision Department of the China Banking Regulatory Commission, Head of the Preparatory Team of the Beijing Supervision Bureau, Secretary of the Beijing Banking Regulatory Bureau, Secretary of the Party Committee, Director of the General Office of the China Banking Regulatory Commission, and Director of the Party Committee Office and Chief Spokesperson.

Biography

Lai was born in Ruijin, Jiangxi in July 1962.

Beginning in July 1987, he served in several posts in the People's Bank of China, including deputy division director, division director, and deputy department director. In April 2003, he was transferred to China Banking Regulatory Commission (CBRC), where he worked until December 2005. He was promoted to deputy party chief and president of China Huarong Asset Management in January 2009. In September 2012 he was promoted again to become its party chief and chairman of the board, the top political position in the company.[6][7]

Investigation

On April 17, 2018, he was put under investigation for alleged "serious violations of discipline and laws" by the Central Commission for Discipline Inspection (CCDI), the party's internal disciplinary body, and the National Supervisory Commission, the highest anti-corruption agency of China.[3][8][9][10][11] He was expelled from the Communist Party and removed from office on October 15, 2018.[12]

In a state tv documentary broadcast in January 2020, he confessed to stashing over 200 million yuan in cabinets at his apartment.[13] He compared it to making regular trips to the supermarket and just kept stashing it without ever spending it.[13] In the end, it was confiscated.[13]

On August 11, 2020, the Second Intermediate People's Court of Tianjin heard his case in public, he has pled guilty to accepting 1.79 billion yuan (US$257.7 million) in bribes and being involved in other corruption and bigamy over a period of 10 years.[14][15]

Personal life

Lai has a daughter with his first wife. He lived with another woman as husband and wife for a long time and had two sons with her while he was legally married to another woman.[14][16]

Culture

It is said that the character Gao Yuliang (高育良) of In the Name of the People is based on the real-life of Lai Xiaomin.[16]

gollark: NCP?
gollark: Maybe something like magically driven carts. Presumably they would already have existed but were just impractical/expensive though.
gollark: Hi.
gollark: ++tel hangup
gollark: ++tel status

References
  1. "Huarong Asset Chairman Lai Xiaomin Faces Graft Investigation". Bloomberg News. 17 April 2018. Retrieved 28 June 2018.
  2. Nina Xiang (17 April 2018). "China Huarong Chairman Lai Xiaomin Is Investigated For Severe Disciplinary Breaches". chinamoneynetwork.com. Retrieved 28 June 2018.
  3. Adam Jourdan; Donny Kwok (19 April 2018). "China Huarong confirms chairman departs after probe, shares tumble". reuters.com. Retrieved 28 June 2018.
  4. 赖小民“效应”：中国华融全系统筛查员工亲属移居海外名单. sina (in Chinese). 2018-05-20.
  5. 赖小民香江往事：被称“财神爷” 与某资本大佬交易频繁. cailianpress.com (in Chinese). 2018-04-20.
  6. 中国华融董事长赖小民落马：曾在王保安受贿案中作证. ifeng (in Chinese). 2018-04-17.
  7. 中国华融：董事长兼执行董事赖小民辞任 今天复牌. ifeng (in Chinese). 2018-04-20.
  8. "Senior bank regulatory official to be named China Huarong chairman: sources". reuters.com. 18 April 2018. Retrieved 28 June 2018.
  9. "China Huarong chairman Lai Xiaomin under investigation". atimes.com. 18 April 2018. Retrieved 28 June 2018.
  10. "Huarong Asset Chairman Lai Xiaomin Faces Graft Investigation". bloombergquint.com. 19 April 2018. Retrieved 28 June 2018.
  11. 华融赖小民朋友圈：车峰马仔、莆田首富浮现. 163.com (in Chinese). 2018-05-03.
  12. 中国华融资产管理股份有限公司原党委书记、董事长赖小民严重违纪违法被开除党籍和公职. Central Commission for Discipline Inspection. 2018-10-15. Retrieved 2018-10-15.
  13. GmbH, finanzen net. "A top Chinese banker confessed to taking bribes after $29 million in cash was found in his apartment | Markets Insider". markets.businessinsider.com. Retrieved 2020-01-14.
  14. "Huarong Asset ex-boss Lai Xiaomin convicted of 1.7b yuan graft". thestandard.com. 12 August 2020. Retrieved 14 August 2020.
  15. Pearl Liu (11 August 2020). "Ex-chairman of Hong Kong-listed bad asset manager Huarong pleads guilty to accepting US$257.7 million in bribes". South China Moring Post. Retrieved 14 August 2020.
  16. 高育良原型:赖小民和发妻离婚 香港与新欢育双胞胎. 163.com (in Chinese). 2018-04-21.
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