Saturday, September 23, 2017

Anbang chairman steps down

Citing personal reasons, Wu Xiaohui, chairman of Anbang Insurance, has stepped down and delegated his authority to other company executives.

Anbang issued the statement just a few hours after leading Chinese magazine Caijing reported that Wu was taken away for questioning by the Chinese authorities.

Anbang did not respond directly to Tuesday evening’s media report, but the company has confirmed speculation that Wu is vacating his position.

Other than announcing the development, Anbang’s operations remain normal, according to the statement.

Caijing had earlier reported that authorities took custody of Wu for an investigation, but the report was deleted several hours later.

Wu was earlier engaged in a war of words with Caixin editor-in-chief, Hu Shuli. The rift centered on whether Wu and Anbang had been involved in business “irregularities”.

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