Chinese Court sentences former banker to death for $151 million bribe: Report

The verdict was delivered by the No 2 Intermediate People's Court of Tianjin on Tuesday, as reported by the state-run Xinhua news agency.

Bai was also stripped of his political rights for life, with all personal property confiscated.

The court ruled to recover his illegal gains and allocate them to the state treasury.

Exploiting his position, Bai facilitated acquisitions and project financing in exchange for substantial bribes, the court stated.

The verdict highlights the level of Bai's crimes, noting the huge financial losses incurred and adverse societal impact.

Despite providing information on other cases, Bai's actions did not warrant leniency, according to the court.

China has pursued an aggressive anti-corruption campaign under President Xi Jinping.

According to the report, death sentences are rare in China, and many officials have been allowed to opt for confessions and receive suspended sentences or lengthy prison terms.

CHIH, a subsidiary of China Huarong Asset Management (CHAM), underwent restructuring in January, becoming China Citic Financial Asset Management under Citic Group ownership, reported the South China Morning Post.

Bai's sentencing follows that of Lai Xiomin, former CHAM chairman, who was executed in January 2021 for similar charges, including accepting bribes amounting to 1.79 billion yuan (USD 247 million), embezzlement, and bigamy.