Bai Tianhui previously served as the general manager of China Huarong International Holdings, a subsidiary of the bad debt management group China Huarong Asset Management. This subsidiary acted as a strategic platform for the group's international business operations.

In 5/2024, a court in Tianjin, northern China, sentenced Bai to death for accepting bribes totaling 1,1 billion yuan (156 million USD). His appeal to a higher court in February was rejected. Subsequently, the Supreme People's Court of China approved his death sentence.

China Central Television (CCTV) reported today that authorities executed Bai.

Bai Tianhui in a Tianjin court, northern China, in February. Photo: *People's Daily*.

CCTV described the bribes Bai received as "enormous," stating they had "detrimental effects on society" and caused "serious losses to the interests of the state and the people."

According to CCTV, Bai abused his senior positions at Huarong International Financial and China Huarong International Holdings between 2014 and 2018 to illegally acquire money and assets.

Huarong, one of China's largest bad debt management firms, was established to manage non-performing loans from state-owned banks. The company has been central to China's anti-corruption campaign in recent years. Lai Xiaomin, Huarong's former chairman, was executed in 1/2021 after accepting 260 million USD in bribes.

By Huyen Le (Xinhua, CCTV, Reuters)