China executes senior banker over Rs 1,404 crore corruption case, bribery offences

Although death sentences for corruption were uncommon, China had previously used the penalty in major cases.

China executed Bai Tianhui, a former senior executive at China Huarong International Holdings, after courts concluded he had obtained more than 1.1 billion yuan in unlawful payments — a sum that converted to approximately Rs 1,404 crore. The punishment formed part of Beijing’s continuing campaign against corruption within financial institutions and state-linked firms.

Authorities confirmed that the death sentence was carried out in Tianjin after the Supreme People’s Court upheld the earlier ruling. The case drew attention both within China and internationally because of the scale of the illicit money and the position Bai once held in one of the country’s major financial groups.

The Tianjin Second Intermediate People’s Court had originally imposed the sentence in May 2024, ordering the seizure of all of Bai’s personal assets. According to the judgment cited in reports, the court held that “the amount of bribes received by Bai Tianhui was extremely large, the crime’s circumstances were particularly serious and the social impact was particularly severe," South China Morning Post reported.

It further stated that Bai’s conduct had undermined state interests and harmed the public, adding that “he should be severely punished according to law.”

The Supreme People’s Court endorsed the findings, describing the evidence as “clear” and “conclusive,” and maintained that the sentence was “appropriate.”

According to SCMP, Bai served as general manager and deputy general manager at China Huarong International Holdings between 2014 and 2018. During that period, he was found to have exchanged favours for approval of financing arrangements and project-related dealings, which ultimately led to the accumulation of more than 1.1 billion yuan (Rs 1,404 crore) in illegal gains.

The company he worked for functioned as the offshore unit of China Huarong Asset Management, a major state-linked entity that later ran into significant financial difficulty. In 2023, it was taken over by Citic Group and renamed China Citic Financial Asset Management. Before the execution, Bai was reportedly permitted a final meeting with close relatives, although the method of execution was not made public.

The case formed part of the broader anti-corruption measures supervised by the Central Commission for Discipline Inspection. Over the past year, investigations had led to actions against 54 individuals across financial regulatory bodies, banks and senior management roles.

Although death sentences for corruption were uncommon, China had previously used the penalty in major cases. Bai’s former superior, Lai Xiaomin — who had served as chairman of China Huarong Asset Management — was executed in 2021 after being found guilty of accepting 1.79 billion yuan in bribes, according to earlier reports.

Officials framed the punishment of Bai as a continuation of the government’s stance on misconduct in the financial sector, particularly at a time when the country faced broader economic pressures.