Former Huarong chairman Lai Xiaomin executed for corruption

Lai Xiaomin, former board chairman of China Huarong Asset Management Co., was executed on Friday, after approval of China's Supreme People's Court.

The court has found Lai accepted money and gifts worth over 1.78 billion yuan (about $276 million).

Laiwas sentenced to death on January 5 after being found guilty of graft, corruption, and bigamy. His appeal was dismissed.