Key Points:
Xiao Yi, a one-time high-ranking official in Jiangxi province, was found guilty of leveraging his positions for personal gain, according to People’s Daily.
The court proceedings revealed that from 2008 to 2021, Xiao Yi exploited his authority to amass illicit gains exceeding 125 million yuan ($17.1 million) in bribes.
Serving as the vice chairman of the Jiangxi Provincial Political Consultative Conference and in other key roles, he utilized his influence to offer favors to various entities and individuals, engaging in activities such as project contracting, project development facilitation, and job promotions.
During the trial, evidence was presented that between 2017 and 2021, when Xiao Yi held the position of Fuzhou Municipal Party Committee secretary, he provided unwarranted support to enterprises involved in crypto mining in direct violation of national regulations and the new development concept.
This financial backing resulted in substantial losses to public assets and the nation’s interests.
In light of the extensive bribery amount and the severity of power abuse, the Hangzhou Intermediate People’s Court determined that Xiao Yi’s actions constituted crimes of bribery and power misuse.
His voluntary admission of guilt, cooperative attitude during the investigation, and return of embezzled assets played a role in influencing the court’s decision to impose a life sentence.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
SHIB has increased by 4.30% in the previous 24 hours, while Rexas Finance continues to…
What must investors and businesses do to seize opportunities in the rapidly evolving technology landscape?…
More than 50 Partners Gathered, Including TON Society, TOX, Yescoin, and MEXC, Converging in Bangkok
The much-anticipated Antarctic Exchange (AX) Testnet Chapter 2 is here, kicking off on November 25th,…
Cantor Fitzgerald plans a $2B Bitcoin Lending Program via Tether, leveraging Bitcoin as collateral and…
Sky Mavis workforce layoffs impact 21% of staff as the Axie Infinity developer announces strategic…
This website uses cookies.