In one of China’s corrupt corruption cases, Lai was found guilty of receiving or requesting bribes totaling 1.79 billion yuan ($ 278 million) from 2008-18, when he was also a senior bank regulator. He was sentenced on January 5 by the Secondary Intermediate People’s Court of Tianjin.
He was also convicted on charges of corruption and bigamy.
Lai met his next of kin before the execution by order of the Supreme Court in China was carried out by the court in Tianjin, the newspaper said.
The People’s Daily said Lai’s ‘significantly deserved service’ was not sufficient punishment, given the facts, nature, circumstances and the degree of damage to society caused by his bribery crimes. .
President Xi Jinping launched a campaign against corruption when he took over the leadership of the ruling Communist Party. Hundreds of officials have since been prosecuted.
Lai was expelled from the Communist Party in 2018.