Friday, April 27, 2018

China injects US$9.7bn into Anbang

To ensure solvency and stability, the Chinese government is injecting Rmb60.8 billion (US$9.7 billion) into Anbang Insurance Group as the company becomes a subject of investigation for fraud.

The company’s chairman has been accused of masterminding a multibillion-dollar scheme.

In a post on its website on Wednesday, Anbang said the money will come from the China Insurance Security Fund.

The China Insurance Regulatory Commission, the country’s insurance watchdog, said the money injected is aimed at ensuring the firm’s solvency and stability and protecting policyholders’ interests.

The move came a week after a hearing of fraud and embezzlement charges against former chairman Wu Xiaohui.

In 2014, Anbang burst onto the global scene with the purchase of New York’s Waldorf Astoria hotel but was ultimately seized by the Chinese government in February of this year.

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