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 […]