Former chairman of Huarong Asset Management expelled from CPC, public office

Lai Xiaomin, former chairman of China Huarong Asset Management, was expelled from the Communist Party of China and removed from public office for alleged graft issues, according to the CPC Central Commission for Discipline Inspection on Monday.

According to the CCDI, Lai was placed under investigation by the CCDI and National Supervisory Commission in April for alleged serious violations of laws and disciplines.

According to the CCDI ,it was discovered he violated political disciplines and central financial work policies to blindly expand the company and operate it in a disorderly manner, resulting in its deviating from its main tasks and businesses.

The CCDI said he exploited his connections to win promotions to higher positions. He participated in superstitious activities and resisted the Party's censorship.

It said he violated the Party's eight codes to build a clean government and used the public funds to arrange banquets and frequently went to luxurious private clubs and high-end restaurants for a banquet. He allowed his subordinate companies to use public funds to send his family members on trips.

According to the CCDI, he violated the probity disciplines and used his rank and position to have sexual relationships with many women.

Moreover, he abused his power to gain benefits for others and accepted huge bribes either in cash or other gifts. He also was accused of using his position to illegally possess public properties.

According to the National Supervisory Commission, his ill-gotten assets have been confiscated and evidence of his criminal activities will be sent to prosecuting departments for charges.