Lai Xiaomin, the former chairman of Huarong -- one of China's largest state-controlled asset management firms -- was put to death by a court in the northern city of Tianjin․ "The amount of bribes received by Lai Xiaomin was extremely large, the crime's circumstances were particularly serious and the social impact was particularly severe," CCTV quoted the Chinese Supreme People's Court, which reviewed and approved the execution order, as saying. The report did not specify how Lai was executed, but said he was allowed to meet with close relatives before his death. Lai was convicted and sentenced earlier this month. The Tianjin court ruled that he had shown "extreme malicious intent" and abused his position to obtain the vast sum. Lai was alleged to have used his position to embezzle more than 25 million yuan ($3.8 million) in public funds between 2009 and 2018. His downfall began in April 2018 as investigators removed him from his job and stripped him of his Communist Party position. Several high-profile party officials and entrepreneurs have spectacularly fallen from grace in recent years as part of Chinese President Xi Jinping's anti-corruption purge.