China Banker Executed: $156M Bribery Case

BEIJING — China executed a former executive of a top state-controlled asset management firm for corruption on Tuesday, state media reported.

China Executes Former Huarong Executive for Corruption

Bai Tianhui, the ex-general manager of China Huarong International Holdings (CHIH), was found guilty of accepting more than US$156 million while offering favorable treatment in the acquisition and financing of projects between 2014 and 2018, according to state broadcaster CCTV.

CHIH is a subsidiary of China Huarong Asset Management, one of the country’s largest asset management funds focused on bad-debt management.

The execution is the latest in President Xi Jinping’s years-long anti-corruption crackdown, which in January 2021 saw the execution of Huarong’s former chairman, Lai Xiaomin, for receiving bribes worth $253 million. Several other Huarong executives have also been investigated for corruption.

While death sentences for corruption in China are often issued with a two-year reprieve and then commuted to life in prison, Bai’s sentence, initially handed down in May 2024 by a court in Tianjin, was not suspended. His appeal was upheld in February.

The Supreme People’s Court, China’s highest court, confirmed the decision after review, stating that Bai’s crimes were “extremely serious.” CCTV quoted the SPC as saying Bai “accepted bribes of an exceptionally large amount” and caused “exceptionally significant losses” to the state and its people.

Bai was put to death in Tianjin on Tuesday morning after meeting with close relatives, the broadcaster said, without specifying the method of execution.

China classifies death penalty statistics as a state secret, but Amnesty and other rights groups estimate that thousands of people are executed in the country annually.

Bai is the latest high-ranking figure to be punished in China’s ongoing crackdown on corruption within the finance industry. In September, Yi Huiman, former chief of China’s top securities regulator, was placed under investigation for corruption.

In March, Li Xiaopeng, the former head of state-owned banking giant Everbright Group, received a 15-year prison sentence for taking bribes worth 60 million yuan. Liu Liange, former chairman of the Bank of China, was sentenced to death with a two-year reprieve in November 2024 for accepting bribes totaling 121 million yuan.

While supporters say the anti-corruption campaign promotes clean governance, critics suggest it also allows Xi to purge political rivals.