China Huarong chairman Lai Xiaomin under investigation
Lai, who was also delegate to the 12th National People's Congress, took over the post at the asset management firm in 2012
Lai Xiaomin, chairman of the state-owned China Huarong Asset Management Co. Ltd., the largest financial asset management company in China in terms of total assets, is under investigation for suspected serious violations of laws and regulations, Yicai.com reported.
Lai is secretary of the party committee of the company, as well as the delegate to the 12th National People’s Congress. Lai was also a financial cadre.
Before he took the post in China Huarong in 2012, Lai served as department directors in the People’s Bank of China and the former China Banking Regulatory Commission.
By the end of 2017, the total assets of China Huarong have amounted to 1.87 trillion yuan (US$300 billion), ranking first among the four major asset management companies.