A former banker in China has been sentenced to death for accepting “extremely large” bribes, according to state media reports. Bai Tianhui, a former senior executive at Huarong Asset Management, was convicted of taking bribes exceeding 1.1bn yuan (£119m) and using his position to provide favorable treatment in corporate matters.
This sentencing is part of a larger crackdown on corruption in the finance sector initiated by China’s top corruption watchdog following president Xi Jinping’s directive to strengthen financial power and reduce risks. Bai is the second Huarong official to receive a death sentence for corruption, with the former chairman, Lai Xiaomin, also facing the same fate earlier this year.
Additionally, another former official, Cao Guangjing, was sentenced to life in prison for accepting bribes and aiding insider trading. Cao used his positions to secure business contracts and leaked sensitive information about a bailout plan for a listed company. These harsh punishments highlight China’s efforts to root out corruption and uphold integrity in its financial systems.