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BUSINESS & TECH

Anbang Taken Over by Insurance Regulator

Wu Xiaohui, chairman of Anbang Insurance Group, attends the China Development Forum in Beijing on March 18. Photo: VCG
Wu Xiaohui, chairman of Anbang Insurance Group, attends the China Development Forum in Beijing on March 18. Photo: VCG

*Insurance regulator seizes control of acquisitive private insurer

*Founder Wu Xiaohui has been charged with economic crimes

China’s insurance regulator said Friday it will take over embattled Anbang Insurance Group Co. Ltd. for a year to protect consumers’ rights, as the company struggles to pay back investors following a massive global buying spree, according to a statement on the regulator’s website.

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