In this March 24, 2016 photo, Lai Xiaomin, board chairman of China Huarong Asset Management Co Ltd, speaks at the Boao Forum for Asia Annual Conference (BFA) in Boao, south China's Hainan province. (YANG GUANYU / XINHUA)
BEIJING - Lai Xiaomin, former board chairman of China Huarong Asset Management Co., Ltd., has been formally arrested, said the Supreme People's Procuratorate (SPP) Wednesday.
The second branch of the Tianjin People's Procuratorate has been processing Lai's case after the National Supervisory Commission (NSC) completed the investigation and handed it over, the SPP statement said.
The Communist Party of China (CPC) Central Commission for Discipline Inspection and NSC announced in October that Lai was expelled from the Party and dismissed from office for multiple violations.
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