China on Tuesday carried out the execution of a former senior executive at one of the country’s leading state-controlled asset management companies, state media reported, marking the latest severe punishment in the government’s extensive anti-corruption campaign.

Bai Tianhui, who previously served as general manager of China Huarong International Holdings (CHIH), was convicted of taking more than $156 million in bribes in exchange for providing favourable treatment in project acquisitions and financing deals between 2014 and 2018.

According to a report with AFP, Bai used his influential position repeatedly to benefit others, accepting huge sums in return.

CHIH operates as a subsidiary of China Huarong Asset Management, which is among China’s largest firms dealing with distressed debt.

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