Lai Xiaomin

The High People's Court of Tianjin said on Thursday that it will uphold death penalty for Lai Xiaomin, former chairman of China Huarong Asset Management Co, dismissing his appeal.

On January 5, Lai was sentenced to death by the Secondary Intermediate People's Court of Tianjin for taking staggering bribes and engaging in bigamy, with his political rights rescinded and all assets being confiscated.

Lai was found to have taken advantage of his positions to help other entities and individuals with fund-raising, contracting projects, running enterprises, getting promotions and job transfers between 2008 and 2018, according to the court.

He directly or through third parties, accepted or solicited money and assets worth more than 1.79 billion yuan ($277 million), the court said.

Between the end of 2009 and January 2018, Lai took advantage of his positions to embezzle public funds of more than 25.13 million yuan. While Lai remained married to his wife, he was found to have cohabitated with another woman and fathered children, the court said.

Describing Lai as lawless and extremely greedy, and whose criminal offenses occurred mostly after the 18th Party Congress, the court said his deeds have caused particularly hefty losses to the country and the people, and should be severely punished by law.

China recently stepped up crackdown on corruption within state-owned enterprises (SOEs) as it is aiming to make SOEs "become stronger, do better and grow bigger."

In another development, the Supreme People's Procuratorate on Thursday decided to arrest Hu Wenming, former Party chief and chairman of China Shipbuilding Industry Corporation, on charges of taking bribes and abuse of power.

In addition, Hu Huaibang, ex-governor of the China Development Bank, has been sentenced to life in prison by Chengde Intermediate People's Court on January 7 on charges of taking bribes worth 85.52 million yuan ($12.23 million).