A former banker in China has been given a rare death sentence for accepting bribes amounting to USD 151 million. Bai Tianhui, the former general manager of China Huarong International Holdings (CHIH), was sentenced to death by a court in Tianjin. This verdict was reported by the state-run Xinhua news agency.
In addition to the death sentence, Bai has been deprived of his political rights for life, and all his personal property has been confiscated. The court has also ordered the recovery of his illegal gains, which will be turned over to the state treasury. The No 2 Intermediate People’s Court of Tianjin ruled that Bai used his position to assist others in acquiring and financing projects in exchange for large sums of money.
The court determined that Bai’s actions constituted the crime of bribery. The amount of bribes involved was substantial, the circumstances of the crime were particularly serious, and the social impact was extremely detrimental, causing significant losses to the country and its people’s interests.
Despite providing tip-offs for the investigation of other cases, the court did not find Bai’s actions sufficient to warrant a lenient punishment, considering the facts, nature, and circumstances of his offenses.
Under President Xi Jinping’s anti-corruption campaign, numerous Chinese officials have faced punishment since he assumed power in 2012. However, death sentences are rarely given, as most officials confess their crimes and opt for suspended death sentences or long-term prison terms.
China Huarong International Holdings (CHIH) is an offshore unit of China Huarong Asset Management (CHAM). It was acquired by the Citic Group and renamed China Citic Financial Asset Management in January, according to the Hong Kong-based South China Morning Post.
Bai Tianhui is the second official from China Huarong to receive a death sentence for corruption. In January 2021, the same court sentenced Lai Xiomin, the former chairman of CHAM and Bai’s former boss, to a similar fate. Lai was executed a month after his sentencing and was found guilty of accepting 1.79 billion yuan (USD 247 million) in bribes, embezzling public assets worth more than 25.13 million yuan (USD 3.46 million), and committing bigamy.
If such strict measures are adopted in India, many Financial offences can be contained, it will be an eyeopener to many Corrupt officials and will teach them a lesson. Many Companies which are falling into financial stress and Bankruptcy due to Mis-management by few corrupt persons in the orgsnisations as well as the Banks financng them will be saved from huge NPAs.
Were you working for NSE, by any chance?
Perfect decision.
If the same punishment is applied in India, half the population will vanish. Because Indians are expert in taking bribes.
India and indians by the neck and their balls.
Soon.