The Central Discipline Inspection Commission (CDIC) said in a statement on its website on October 19, that Lai Xiaomin, former Chairman of China Huarong Asset Management, has been expelled from the Communist Party and will be prosecuted for suspected corruption. Lai Xiaomin is one of the most senior executives to be charged in China’s anti-corruption campaign and has been accused of a long list of wrongdoing, from cronyism and taking bribes to the embezzlement of public property. He was accused of “blindly and disorderly” expanding Huarong away from its core business in violation of political discipline and the central government’s financial policy, causing an adverse impact. It said Lai Xiaomin engaged in political opportunism and careerism, exchanged power for sex with several women, and flouted frugality rules by frequently accepting entertainment from private business owners in private clubs and high-end restaurants. He had also arranged company-paid travel for relatives and allowed them to use his influence to seek profit.
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