China executes ex-financial asset company chief over $157M bribery

By Berk Kutay Gokmen

ISTANBUL (AA) – China on Tuesday executed Bai Tianhui, former general manager of the financial asset management company China Huarong International Holdings Ltd., after he was convicted of taking bribes worth $156 million.

The death penalty was carried out in north China’s Tianjin municipality following approval by the Supreme People’s Court, according to state-run Xinhua News.

A court verdict issued in May 2024 sentenced Bai to death, stripped him of his political rights for life, ordered the confiscation of all personal property, and mandated that all his illegal gains be recovered and transferred to the state treasury.

Bai appealed the sentence, but the Higher People’s Court of Tianjin rejected his appeal this February.

Upon review, the Supreme People’s Court found that Bai had abused his positions between 2014 and 2018 to illegally accept bribes totaling 1.108 billion yuan (nearly $157 million).

The Supreme People's Court decided that Bai’s crimes were particularly severe, and approved the ruling of the Higher People's Court of Tianjin to uphold Bai's death sentence.

Bai was permitted to meet with his relatives before the execution.