Former board chairman of China Huarong Asset Management Co. indicted

Lai Xiaomin, former board chairman of China Huarong Asset Management Co., Ltd., has been indicted on charges of taking bribes, embezzlement and bigamy, the Supreme People's Procuratorate (SPP) said Friday.

Lai Xiaomin, former board chairman of China Huarong Asset Management Co., Ltd.[File Photo: VCG]

Lai's case had been investigated by the National Supervisory Commission and handed over to the SPP. Upon the designation of the SPP, the second branch of the Tianjin People's Procuratorate reviewed the case and filed it in the Tianjin Municipal No. 2 Intermediate People's Court, the SPP said.

Prosecutors accused Lai of taking advantage of his posts to seek benefits for others or using his power and status to seek illegitimate interests for others through other officials' work, asking for and accepting "huge amounts of money and gifts."

The indictment said Lai, in collusion with others, had used his posts to illegally embezzle vast sums from public property. It also accused Lai of bigamous violations.

The SPP said the prosecutors had informed the defendant of his litigation rights, interrogated him and listened to the defense counsel's opinions.