The Chinese banker hid bribes in the ‘supermarket’ apartment

A dishonored banker involved in one of China’s biggest cases of financial corruption led with a lot of cash bribes that he then hid in an apartment he called “the supermarket,” according to a report.

“I got the money and left it there, as well as making regular trips to the supermarket,” said Lai Xiaomin, former president of the troubled debt investor China Huarong Asset Management, Bloomberg News reported.

More than 200 million yuan, or $ 29 million, were discovered by authorities on the platform.

Lai, who faces corruption charges in China, made the revelation in a documentary that aired on Monday on Chinese state television. The film included shots of metal cabinets in Beijing’s Lai department filled with thick piles of light pink bills, according to Chinese news media Caixin Global.

Lai confessed to the camera that he preferred to accept cash payments and took a lot of bills to the department, Bloomberg said.

“I didn’t spend a penny. Everything is confiscated in the end,” Lai said according to reports.

The five-part documentary series, which began airing on Sunday, is part of President Xi Jinping’s public campaign to show that the government is taking strong measures against corporate corruption in China.

Lai was arrested in November 2018 and has been accused of receiving more than 1.6 billion yuan, or nearly $ 232 million, in bribes, according to press reports. He allegedly took the money through his charges as former head of the Communist Party and head of Huarong, according to Chinese state media, who rated his case of financial corruption as the “worst” in China in more than seven decades.

“We have dealt with a series of cases in the financial sector, but none was as shocking as Lai’s case in terms of the amount, degree of damage and conspiracies and the means of the crimes,” said Chen Qingpu, deputy director of the Fight against the Chinese communist party. Corruption Corps, as reported in the documentary.


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