#长文创作激励计划#
Another Huarong executive was sentenced to death! According to the latest news, Bai Baihui, the former general manager of Huarong International, has been sentenced to death by the court in the first instance for embezzlement and bribery of 1.108 billion.
This is the second senior official in the financial system to be sentenced to death in recent years after Lai Xiaomin, and this Lai Xiaomin happens to be Bai Baihui's top boss. Three years ago, Lai Xiaomin's 1.788 billion yuan involved in the case once set the highest record for China's financial anti-corruption, although Bai Bai Hui did not break this number, but carefully calculated, Bai Bai Hui's corruption of 1.1 billion took only 4 years, compared to Lai Xiaomin's 10 years in office 1.788 billion bribes, the efficiency seems to be better!
Speaking of Huarong, it was once a big boss in China's financial industry, with total assets of up to 1.87 trillion yuan, more than 30 subsidiaries under its name, and its business spanned futures, real estate, leasing and other fields, and it was a veritable giant enterprise. But who would have thought that a financial storm in 2021 would completely uncover the corruption of this trillion-dollar central enterprise.
A central enterprise that was supposed to protect the country's financial security has become the private treasury of a group of corrupt elements!
Founded in 1999, Huarong International is a state-owned enterprise directly under the Ministry of Finance in response to the Asian financial crisis. According to the original plan, Huarong's main task was to receive the non-performing assets of state-owned banks and maintain the stable operation of the entire financial system.
With this responsibility alone, it is not difficult to see the important position of Huarong in China's financial circles, and correspondingly, it also has a lot of power and resources. However, there is an old saying that power is a double-edged sword, if it is used well, it can benefit the people, and if it is not used well, it will become a hotbed of corruption, especially when Lai Xiaomin took charge of Huarong.
Lai Xiaomin was born in 1962 and joined the People's Bank of China system in 1983, engaged in financial supervision and monetary policy. In 2005, he became the director of the general office of the China Banking Regulatory Commission, and in 2009, he was parachuted into Huarong as president. Looking at Lai Xiaomin's resume, he can be regarded as a young talent in the financial industry, not only in several major systems, but also at the age of 35 to the deputy department level, and his personal ability is very good.
After taking over Huarong, Lai Xiaomin began a large-scale expansion, and Huarong, which was originally only connected with a few large state-owned banks, suddenly became an all-rounder in the financial market, bonds, futures, stocks, trusts, and ...... Lai Xiaomin spread the plate in every field related to finance. According to relevant information, Huarong's asset scale has skyrocketed from 309 billion in 2012 to 1.87 trillion in 2018.
He himself has also repeatedly boasted about his achievements in public: "Since I became president, the group has been able to earn an average of one Huarong every year. ”
Seeing this, does anyone think that Lai Xiaomin is a good leader, but if you know how Huarong's assets come from, you will definitely not be able to say such a thing.
Lai Xiaomin's method of expansion is very simple, that is, merger, simply put, it is to keep buying, buying, buying, so where does the money for the merger come from? The answer is to issue bonds. According to media statistics, since 2014 alone, Huarong has issued more than $50 billion in bonds. At first, Lai Xiaomin only bought and bought in China, but later he simply started high-risk investment projects overseas and further spread the plate.
If you just borrow money to invest, then Huarong may still be saved, the problem is that Lai Xiaomin, Bai Tianhui and others did not think about making money for the company, their series of operations were just to fill their pockets.
Most of the funds borrowed through high leverage are relied on by small people to develop their own networks. Some big bosses can get billions of loans from Huarong with just a phone call, which naturally requires Lai Xiaomin's special care. According to the regulatory authorities, Huarong is also suspected of providing special services to the families of high-ranking officials, as long as these people have needs, they can get a large amount of money without going through the normal approval process.
In addition, many of the assets purchased by Huarong are also "toxic assets" that cannot be disposed of, as long as they are done well with Lai Xiaomin and Bai Baihui, they can successfully pass the relevant internal audits of Huarong. As a result, on the surface, Huarong's assets are rising step by step, but in fact, risks within the group are gradually accumulating.
Under the leadership of Lai Xiaomin and others, the wind of corruption and extravagance swept across Huarong, from executives to ordinary employees, everyone wanted to learn from the company and want to get some benefits from the company. An employee recalled: "Every time there is an internal meeting, the location will be set in a five-star hotel, and a meal can easily cost tens of thousands of yuan, which makes us small employees smack our tongues." In short, such a strange phenomenon has been formed within Huarong: eat more, drink more, have more fun, do less work, manage less, and be less responsible.
However, the money borrowed from the issuance of bonds always has to be repaid, right? The drug assets acquired at a sky-high price will explode sooner or later, right? Huarong is like an expanding bubble that looks bigger and bigger, but in fact it can explode at any moment.
Sure enough, in 2021, China Huarong was exposed by the media to have a huge loss of 102.9 billion, a figure that set a new record for the loss of Chinese enterprises.
Lai Xiaomin, Bai Baihui and others took advantage of Huarong's status as a central enterprise to borrow and issue bonds on a large scale and then fill their own pockets, and finally wanted to leave all the debts to the enterprise and the country. Fortunately, the relevant departments responded in a timely manner and quickly set up a special team to deal with corruption cases within Huarong, so that these corrupt elements did not escape the punishment of the law.
As a central enterprise that guards the country's financial security, why did Huarong become like this? In addition to the personal factors of Lai Xiaomin and Bai Baihui, the loss of control of power is the most fundamental problem. As the guardians of people's property, state-owned enterprises have power that touches all aspects of people's lives. Because once there is a loophole, it will be like a huge vault that has forgotten to lock it, isn't that waiting for the outlaws to make personal gains?
Now Huarong has been merged by CITIC and completely withdrawn from the stage of history, but there are still a group of senior officials of Huarong who are waiting for the final sanction of the law, believing that these rat feces in the financial industry will pay the due price for what they have done.