Ex-chairman of Huarong charged with corruption

Lai Xiaomin, 56, former board chairman of China Huarong Asset Management Co, has been charged with bigamy, bribery and other forms of corruption, the Supreme People's Procuratorate said on Friday.

China Huarong is one of the country's four largest State-owned asset management companies.

Lai made use of his work positions, including corporate head of China Huarong and director-general of the banking supervision department of the People's Bank of China, to accumulate large benefits in exchange for aid to others, the SPP said in a news release.