TAIPEI—China sentenced the former chairman of one of the country’s biggest state-owned asset-management companies to death on bribery and corruption charges, a striking signal in Beijing’s campaign to rein in financial risk-taking.
Lai Xiaomin, chairman of China Huarong Asset Management Co. from 2012 to 2018 when he was fired for graft, was accused by a local Chinese court in the northern city of Tianjin of taking bribes totaling a record high of more than 1.79 billion yuan, equivalent to $277 million.