BEIJING—The former chairman of China Huarong Asset Management Co Ltd, Lai Xiaomin, has been expelled from the Communist Party and will be prosecuted for suspected corruption, China’s top anti-graft agency said on Oct. 15.
Lai, one of the most senior executives to be brought to book in China’s anti-corruption campaign, was accused of a long list of wrongdoings, from cronyism and taking bribes, to the embezzlement of public property, the Central Commission for Discipline Inspection (CCDI) said in a statement on its website.
