Quick Take: Anbang Assigned State Overseer
A senior official at the China Insurance Regulatory Commission (CIRC) has been assigned as the “statutory representative” of troubled Anbang Insurance Group, assuming a role that has extensive power to control the company.
He Xiaofeng, director of the CIRC’s development and reform department, has become the statutory representative of the private financial conglomerate, which has about 2 trillion yuan ($316 billion) in total assets, according to the official National Enterprise Credit Information Publicity System.
Under Chinese law, the statutory representative has control over the company’s operations and represents it in all external civil activities. The role is usually assumed by the company’s chairman.
On Feb. 23, the regulator announced it was taking control of Anbang for a year after its chairman Wu Xiaohui was prosecuted for economic crimes. He Xiaofeng was the leader of the team that took over the insurer.
One the same day, a prosecutor’s office in Shanghai said in a statement that Wu had been charged with fundraising fraud and embezzlement.
Anbang has made headlines in recent years for its big-ticket foreign acquisitions, including its purchase of New York’s iconic Waldorf Astoria hotel in 2014. The company has been in the eye of a regulatory storm to crack down on credit-fueled overseas spending sprees by Chinese firms that have sparked rising concerns over their buildup of debt and its threat to destabilize the country’s financial system.
Contact reporter Fran Wang (email@example.com)
Feb 28 18:15
Feb 28 16:14
Feb 28 16:10
Feb 28 12:29
Feb 27 19:03
Feb 27 18:55
Feb 27 12:14
Feb 27 06:36
Feb 26 17:49
Feb 26 15:56
Feb 26 11:29
Feb 26 05:10
Feb 26 05:07
Feb 25 18:27
Feb 25 17:52
- 114% of Recovered Covid-19 Patients in Guangdong Tested Positive Again
- 2Another Study Claims Wuhan Seafood Market May Not Be Source of Covid-19 Outbreak
- 3Exclusive: Cluster of Death Found at Wuhan Nursing Home Near Seafood Market
- 4Coronavirus Monday Update: Virus May Gain Ground Again, Experts Warn; Costco Shanghai Urged to Control Traffic
- 5Coronavirus Live Updates | Friday: WHO Declares Coronavirus a ‘Global Level’ Threat; OPEC Mulls Bigger Output Reduction; Fed Considers Rate Cut
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas