In one of China’s most prominent corruption cases, Lai was found guilty of receiving or soliciting bribes worth 1.79 billion yuan ($ 278 million) from 2008 to 18, when he was also a senior banking regulator. He was sentenced on January 5 by the Tianjin Secondary Intermediate People’s Court.
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 the orders of the Supreme People’s Court of China, the newspaper said.
Lai’s “significant meritorious service” was not enough to pay him a milder punishment, given the “facts, nature, circumstances and the degree of damage to society” caused by his crimes of bribery, said the People’s Daily, citing a review of the supreme court.
President Xi Jinping launched an anti-corruption campaign when he took over the leadership of the ruling Communist Party in late 2012. Hundreds of employees have since been prosecuted.
Lai was expelled from the Communist Party in 2018.