China has executed another former senior financial executive for corruption, continuing its tough campaign against economic crime.
Chinese authorities executed Bai Tianhui, former executive director of the major financial firm China Huarong International Holdings, after he was found guilty of taking an extraordinary amount of bribes — approximately $156 million. According to the court, Bai had used his official position to unlawfully approve projects, favor certain companies, and allocate financial resources in exchange for corrupt payments.
Investigations revealed that his abuse of power had been ongoing for years, creating an entire network of illicit benefits that severely damaged the credibility of the financial institution. Bai Tianhui’s case is considered one of the most serious in China’s banking sector, reflecting the scale of corruption within state-run financial institutions, Reuters reports.
This is not the first time China Huarong has been at the center of major corruption scandals. In 2021, the company’s former chairman, Lai Xiaomin, was executed after being found guilty of massive bribery, unexplained wealth, and conduct deemed severely harmful to the public and economic interests of the country.
China’s government-led anti-corruption campaign has also targeted other senior banking officials. Former high-level executives from ICBC (Industrial and Commercial Bank of China) and the Bank of China have likewise received death sentences or long prison terms for involvement in bribery schemes and financial misconduct.
The execution of Bai Tianhui is seen as another strong signal from Beijing that the country is determined to punish corruption at the highest levels of the economic and financial system, in an effort to restore public trust and stabilize institutions that play a central role in China’s economy.
