Ex-SOE chairman expelled from CPC

Lai Xiaomin, former chairman of China Huarong Asset Management, has been expelled from the Communist Party of China and removed from public office for alleged graft issues.

The CPC Central Commission for Discipline Inspection said on Monday that Lai was placed under investigation by the CCDI and National Supervisory Commission in April for serious violations of Party disciplines and breaking the law.

It said he violated political disciplines and State financial work policies to blindly expand the company and operate it in a disorderly manner, resulting in it deviating from its main tasks and businesses.