Cash-Stuffed Hideaway Revealed in Confession of China Banker
Ex-chairman of Huarong confesses in state TV documentary
Lai arrested in 2018 amid broader crackdown on corruption
Lai Xiaomin, former head of China Huarong Asset Management Co., has been charged with taking bribes, corruption and bigamy in one of China’s biggest financial corruption cases.
On Monday, he confessed in a state TV documentary that he preferred cash payments and said he would drive trunk loads of bills to the apartment, where more than 200 million yuan ($29 million) was uncovered.
Bloomberg
A top Chinese banker confessed to taking bribes after $29 million in cash was found in his apartment
One of China’s top bankers took millions of dollars’ worth of bribes and kept them in a Beijing apartment he compared to a “supermarket,” according to Bloomberg.
Lai Xiaomin, the former chairman of banking giant China Huarong Asset Management, confessed to accepting and stashing the illicit cash in a state TV documentary broadcast this week.
Chinese officials discovered 200 million yuan ($29 million) packed into metal cabinets in his apartment.
“I got the money and just left it there, just like making regular trips to the supermarket,” Lai said in the documentary, Bloomberg said.
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