Lai Xiaomin, former board chairman of China Huarong Asset Management Co., Ltd., has been formally arrested, said the Supreme People's Procuratorate (SPP) Wednesday.

Lai Xiaomin, former board chairman of China Huarong Asset Management Co., Ltd. [File Photo:VCG]

The second branch of the Tianjin People's Procuratorate has been processing Lai's case after the National Supervisory Commission (NSC) completed the investigation and handed it over, the SPP statement said.

The Communist Party of China (CPC) Central Commission for Discipline Inspection and NSC announced in October that Lai was expelled from the Party and dismissed from office for multiple violations.