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Reuters Wu Xiaohui, former chairman of Anbang Insurance Group, has been sentenced to 18 years in prison for fundraising fraud and embezzlement. Anbang was founded in 2004 and bought the famed Waldorf Astoria Hotel in New York City. It also has significant stakes in Chinese banks and property developers. Wu Xiaohui, former chairman of Anbang […]
Terminal velocity “WHEN it comes to the meaning of life, we will all return to zero one day.” So philosophised Wu Xiaohui, a Chinese tycoon, as he reflected on his success in 2015. Little did he realise how soon his words would be proved true. He founded his firm, Anbang, as a small car-insurance company […]
Thomson Reuters The fallout from the unfolding crisis at Anbang Insurance, whose chairman, the high-profile tycoon Wu Xiaohui, has stepped down amid reports he has been taken away by the authorities, could reverberate through the whole financial sector, analysts said. Anbang, one of China’s most aggressive overseas investors, said on Wednesday Wu cannot perform his […]
The insurer was part of a global advance by Chinese companies that seemed unstoppable a year ago. Now, the country’s clampdown on risk has forced the firm to behave like an ordinary insurer. WSJ.com: What’s News US
