China Huarong Asset Management Co. Ltd. former Chairman Lai Xiaomin was expelled from the Communist Party of China and dismissed from public office for violating political discipline and rules, the Central Commission for Discipline Inspection said Oct. 15.

The case will be transferred to judicial bodies and Lai will be prosecuted for alleged crimes including bribery and embezzlement, with illegal gains to be confiscated, the country's anti-graft agency said.

Lai was removed from his post as party chief and chairman of China Huarong in April and was replaced by Wang Zhanfeng.