BEIJING: China has executed the former general manager of a top state-controlled asset management firm. The Chinese government has executed Bai Tianhui, a former manager of state-controlled China Huarong International Holdings (CHIH). The sentence was imposed in connection with the incident in which Bai Tianhui accepted more than $156 million in bribes between 2014 and 2018 while he was the head of CHIH, to favour the acquisition and financing of various projects.

CHIH is a subsidiary of China Huarong Asset Management, the world’s largest asset management firm focuses on managing bad debt. Huarong has been a key target of Chinese President Xi Jinping’s anti-corruption crackdown. In 2021, the firm’s former chairman Lai Xiaom was executed for corruption involving $253 million. Several other

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