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Huarong Ex-Chairman Accused of Taking $240 Million Bribes

  • Lai Xiaomin is latest public official arrested for corruption
  • Investigators have also found that he owned 34 properties
Lai Xiaomin
Lai XiaominPhotographer: Anthony Kwan/Bloomberg
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Lai Xiaomin, the former chairman of China Huarong Asset Management Co. who was arrested this week, is accused of taking 1.65 billion yuan ($240 million) in bribes, according to people familiar with the matter.

Lai’s case was discussed among top officials from the central bank and the banking regulator at the end of October, said the people, who asked not to be named discussing private deliberations. Investigators have also found that Lai owned 34 properties, three of the people said. The final amount of bribes Lai is determined to have taken could change.