In one of China’s most high-profile corruption cases, Lai was found guilty of receiving or seeking bribes totaling 1.79 billion yuan ($ 278 million) from 2008 to 18, when he was also a senior bank regulator. He was convicted by Tianjin Secondary Intermediate People’s Court on January 5.
He was also convicted on charges of corruption and bigamy.
Lai met with his close relatives before the execution was carried out by the Tianjin court on orders from China’s Supreme Court, the paper said.
Lai’s “major meritorious service” was not enough to give him a milder sentence given the “facts, nature, circumstances and degree of harm to society” caused by his bribery crimes, the People’s Daily said, citing a review of the Supreme Court. .
President Xi Jinping launched an anti-corruption campaign when he took control of the ruling Communist Party in late 2012. Hundreds of officials have since been prosecuted.
Lai was expelled from the Communist Party in 2018.