Jan. 5 (UPI) — Lai Xiaomin, the previous chairman of certainly one of China’s largest state asset managers, on Tuesday was sentenced to loss of life for accepting bribes value tons of of thousands and thousands of {dollars}.

Lai, previously of China Huarong Asset Administration Co. Ltd., was sentenced to loss of life by the Second Municipal Intermediate Folks’s Court docket of Tianjin for accepting cash and items value about $276 million.

The Chinese language courtroom additionally ordered Lai to show over his illicit positive factors to the state treasury and decreed that each one his private properties be confiscated.

Prosecutors mentioned Lai leveraged his place over a decade-long span between 2008 and 2018 to “help sure organizations and people with financing, venture contracting, enterprise operations and job promotion or switch” in alternate for the kickbacks.

His actions constituted “an important loss” to the pursuits of the state and the individuals, the federal government mentioned.

Lai’s sentence is among the most extreme penalties handed out but in Chinese language President Xi Jinping’s anti-corruption drive.

Zhao Zhengyong, a senior Chinese language Communist Get together official charged with taking bribes value greater than $100 million, was sentenced to loss of life with a two-year reprieve in July.

Zhao was discovered responsible of utilizing his place to amass bribes in alternate for constructing contracts and different favors throughout the development of an unlawful resort within the Qinling Mountains.

Xi launched an anti-corruption marketing campaign at the start of his time period of workplace, however critics of the coverage, together with former Taiwanese President Lee Teng-hui, have mentioned he has used the marketing campaign to strengthen his grip on energy.