4 cabinets filled with money, gold and nearly a dozen luxury cars in the home of a corrupt Chinese official

With just a few words, former Party Secretary and Chairman of Huarong Asset Management Company (China) Lai Xiaomin was given a luxury apartment by the business owner.

According to information on the website of the Central Commission for Discipline Inspection of China (CCDI), Lai Xiaomin was born in 1962 in Ruijin City, Jiangxi Province. From 1987 to 2005, Min worked at the People's Bank of China and held a number of important positions.

Lai Xiaomin (center) in court. Photo: Baidu

In 2009, Lai was appointed as Deputy Party Secretary and Chairman of Huarong Asset Management Company, a state-owned financial company established in 1999 by the Ministry of Finance and China Life Insurance Group, specializing in banking, securities, lending, leasing, investment, asset management, etc. In September 2012, Lai was promoted to Party Secretary of this company.

In April 2018, Lai Xiaomin was investigated by the CCDI for signs of serious violations of discipline and the law.

When they searched Lai’s villa, investigators were surprised to see four cabinets containing cash, real estate ownership papers, and luxury cars placed in a secret room. CCDI officers also seized a large amount of expensive watches, gold bars, calligraphy paintings, etc. that Lai had hidden there.

Four cabinets filled with cash, real estate ownership papers and luxury cars were discovered in Lai's house. Photo: CCTV

“He is extremely greedy. He has dozens of expensive watches. Even cars, in the basement there are nearly a dozen luxury cars from many big brands such as Bentley, Mercedes-Benz, Alphard. Each car costs up to millions of yuan,” said Mr. Tran Thanh Pho, Deputy Director of the CCDI’s Department of Personnel Supervision.

“Hua Rong Asset Management is a state-owned financial company, so it has huge resources. Each project or item that Lai needs to review is worth up to 200-300 million yuan. He knows his own value, and he also knows that he can bring huge benefits to others,” Mr. Tran added.

According to CCDI, during his tenure as Chairman of Huarong Asset Management Company, Lai Xiaomin “threw aside the responsibilities entrusted to him, and turned the power in his hands into a tool for profit when interacting with business owners.”

“I feel good every time I help these business owners, like I am helping them grow. One time, a business owner told me that he had bought a few apartments in prime locations and wanted to give me one. I asked if that was okay, and he said that since there were many high-end apartments, giving me one was fine,” Lai told the production crew of the documentary “National Supervisor.”

According to a statement from the Tianjin City People's Procuratorate, during his time as Chairman of Huarong Asset Management Company, Lai "took advantage of his position to help many businesses and individuals borrow money illegally, then accepted bribes from these people including money, gold and many other items; illegally appropriated public funds; led a dissolute lifestyle and had many lovers..."

Two luxury cars are in the corner of the tunnel. Photo: CCTV

Part of the gold bars found in Lai's house. Photo: CCTV

The villa was used by Lai Xiaomin to hide illegal assets. Photo: CCTV

Tuan Tran