Investigators find 270 million yuan in cash at homes of Chinese financier

Chinese media suspect sum is only tip of the iceberg

The Chinese yuan.

The Chinese yuan. (AP photo)

TAIPEI (Taiwan News) – During an investigation into corruption, Chinese authorities reportedly found 270 million yuan (NT$1.2 billion, US$39.4 million) worth of cash at homes owned by Lai Xiaomin (賴小民), the former chairman of China Huarong Asset Management Co. (中國華融), the country’s biggest manager of bad debt.

The financier was first put under investigation last April, but the latest development, which came to the surface this week, is breaking a new record in the annals of anti-graft campaigns, Taiwan’s newtalk reported Saturday.

The money was found at several properties linked to Lai, and weighed in at 3 tons while measuring more than 3 square meters, the report said.

From 1983 to 2009, Lai worked at the central government’s People’s Bank of China before heading for China Huarong, where he first served in the capacity of Communist Party official.

On April 17, he was officially put under investigation by the Central Commission for Discipline Inspection, leading the events to be described as the “April 17 case,” newtalk reported. Chinese media speculated that the 270 million yuan might only be one part of Lai’s hidden fortune.