Thursday, May 24, 2018

China jails ex-Anbang Insurance boss for 18 years

A Chinese court has sentenced Wu Xiaohui, the former head of troubled Anbang Insurance Group, to 18 years in prison for fraud and other crimes, after a trial that accused him of stealing more than US$10 billion, according to a Xinhua news agency report.

The court also ordered the seizure of Wu’s assets worth over Rmb10.5 billion (US$1.65 billion) after he was found guilty of fraud and embezzling more than US$12 billion.

In February this year, China’s insurance regulator made the unprecedented step of taking over the company after removing Wu as the head of Anbang in 2017.

Founded in 2004, Anbang has grown from a seller of car insurance into one of China’s largest insurance providers, holding nearly Rmb2 trillion in assets.

In 2014, Anbang burst onto the global scene with the high profile purchase of New York’s Waldorf Astoria hotel.

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