Ex-Chairman of China’s Anbang Insurance Files Rare Appeal of Fraud Conviction

Article 0 Comments The former chairman of China’s Anbang Insurance Group Co., Wu Xiaohui, has lodged an appeal against his conviction for fraud and embezzlement that led to a sentence of 18 years in prison, his lawyers said. While not unknown, it is unusual for convicted suspects in high-profile cases […]

Anbang Chairman Wu’s Downfall Sealed with 18 Year Jail Term

Article 0 Comments Wu Xiaohui, former chairman of Anbang Insurance Group Co., was sentenced to 18 years in prison after being convicted of fund-raising fraud and embezzlement, according to the official Xinhua News Agency. The verdict from a Shanghai court also said Wu will be deprived of his political rights […]

China’s Anbang Gets $9.7B Capital Injection to Bolster Solvency After Alleged Fraud

Article 0 Comments China is injecting 60.8 billion yuan ($9.7 billion) into Anbang Insurance Group Co. as it attempts to contain the fallout after the company’s former chairman was accused of masterminding a multi-billion dollar fraud. The move is aimed at ensuring Anbang’s solvency and protecting policyholders’ interests, the China […]

Ex-Chairman of China’s Anbang ‘Doesn’t Deserve Leniency,’ Say Prosecutors

Article 0 Comments Chinese prosecutors said Wu Xiaohui, the former chairman of Anbang Insurance Group Co., doesn’t deserve leniency as the one-day hearing of a fundraising fraud and embezzlement case against him wrapped up. Wu didn’t make confessions that could justify reduced penalties, the Shanghai No. 1 Intermediate People’s Court […]

Former Chairman of China’s Anbang Pleads for Leniency in $10B Fraud Trial

Article 0 Comments The former chairman of China’s Anbang Insurance Group Co Ltd requested leniency at the end of his high-profile trial in Shanghai for alleged economic crimes, including fraud and embezzlement involving more than $10 billion, according to court statements. Wu Xiaohui had contested the charges against him during […]

Anbang’s Former Chairman Goes on Trial, Accused of Masterminding $10.4B Fraud

Article 0 Comments A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital. The charges in court statements, which offer an unprecedented glimpse into Anbang’s inner […]

China’s Anbang ‘Committed’ to Overseas Units After Government Takeover

Article 0 Comments Anbang Insurance Group Co Ltd. said on Monday it fully supported the Chinese insurance regulator’s decision to temporarily take control of the company and remains committed to the development of its overseas subsidiaries. These are the first comments by Anbang on the Chinese government’s move on Friday […]

Q&A on China’s Takeover of Giant Anbang Insurance

Article 0 Comments The once-mighty Anbang Insurance Group Co. has been temporarily taken over by China’s regulators and its boss is facing prosecution on charges including fundraising fraud and embezzlement. Anbang’s meteoric rise was fueled by surging sales of high-yield products, which helped fund a dealmaking spree around the world. […]

China Seizes Control of Anbang; Acquisitive Chairman Faces Fraud Prosecution

Article 0 Comments The Chinese government on Friday seized control of Anbang Insurance Group Co. Ltd and said its chairman had been prosecuted, dramatically illustrating Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk. Anbang had violated laws and regulations which “may seriously endanger the solvency […]