The former chairman of one of China's top state-owned asset management firms was executed on Friday for taking a staggering sum in bribes.

Lai Xiaomin, who accepted bribes of over 1.79 billion yuan ($277 million), was executed by the Second Municipal Intermediate People's Court of Tianjin after being approved by the country's top court, according to Xinhua. 

Lai, 58, the former party secretary and chairman of China Huarong Asset Management Co., Ltd., was sentenced to death on January 5 for bribery, corruption and bigamy. His appeal was dismissed on January 21 by a higher court in Tianjin.

Although Lai had a major meritorious service as he provided clues about major crimes of his subordinates, it was not sufficient for a lenient punishment considering the harm his illegal practices caused, per the higher court's statement.

"The social harm was significant, the crimes were extremely serious and he should be severely punished, according to law," the court said.

Lai's political rights shall be deprived for life and all his personal properties shall be confiscated, said the court. Lai was allowed to meet his next-of-kin before the execution, Xinhua said.

Huarong, as well as Cinda, Great Wall and China Orient, are the four biggest investment holding companies in China primarily engaging in asset management, including handling mounting bad debt in state-run banks.