Bangkok: Beijing: China's state-run CCTV reported on Tuesday that it executed Bai Tianhui, the former general manager of China Huarong International Holdings, on charges of accepting bribes totaling 1.1 billion yuan (approximately US$156 million or about 5.46 billion baht). The company is a key offshore financial arm of China Huarong Asset Management, a troubled asset manager that has been renamed China CITIC Financial Asset Management since 2024. Huarong, one of China's largest non-performing loan managers, was established to manage bad debts from state-owned banks.
According to Thai News Agency, CCTV television station stated that the amount of bribes received by Mr. Bai caused serious damage to the interests of the state and the public. It was reported that Mr. Bai used his high-ranking positions at Huarong International Financial Holdings Limited (Hong Kong) and China Huarong International Holdings Limited between 2014 and 2018 to illegally receive money and assets.
Bai was sentenced to death by a lower court in Tianjin, northern China, in May 2024. His appeal was rejected by an appeals court in February, before the country's supreme court ultimately upheld the death sentence.