Bailout Fund Injects $9.66 Billion Into Anbang
The state-run China Insurance Security Fund (CISF) has injected 60.8 billion yuan ($9.66 billion) into the debt-ridden Anbang Insurance Group, the country’s insurance regulator announced Wednesday.
The capital injection aims to ensure Anbang has “adequate” ability to repay its debts so as to stabilize its operations and protect the interests of policyholders, the China Insurance Regulatory Commission said in a statement. With the injection, which the commission approved, Anbang’s registered capital will remain at 61.9 billion yuan.
CISF is a state-run bailout fund that monitors risks inside the insurance industry and provides assistance when a default risk emerges, according to its official website. CISF also participates in the liquidation of an insurance company when it is dissolved or declared bankrupt.
Wu Xiaohui, former chairman of Anbang Insurance Group, admitted in court last week that he was involved in fundraising schemes that hauled in more than 723 billion yuan from illicit insurance sales.
The politically well-connected Wu faced charges including fundraising fraud and embezzlement at Shanghai No. 1 Intermediate People’s Court. He expressed his regrets to the court and asked for leniency.
On Feb. 23, the insurance regulator announced it was taking control of Anbang for a year. Senior regulatory official He Xiaofeng is the leader of the team that took over the insurer.
The insurance watchdog said Anbang would remain a private company after the takeover.
Contact reporter Pan Che (firstname.lastname@example.org)
To read more about Anbang, click here.
Jul 26 07:29 PM
Jul 26 06:04 PM
Jul 23 08:14 PM
Jul 23 06:25 PM
Jul 23 02:46 PM
Jul 22 07:00 PM
Jul 22 05:51 PM
Jul 22 04:59 PM
Jul 21 06:36 PM
Jul 21 05:33 PM
Jul 21 03:48 PM
Jul 20 08:43 PM
Jul 20 07:06 PM
Jul 20 05:27 PM
Jul 20 05:15 PM
- 1Japan Government Pension Fund Copycat Bucks Trend to Invest in China Debt
- 2Cover Story: The Rocky Path Facing Chinese Companies Tapping U.S. Markets
- 3Tsinghua Unigroup’s Bankruptcy Restructuring Sets Back China’s Chip Dreams
- 4Bankrupt HNA Group Struggles to Repay 60,000 Retail Investors
- 5Shenzhen Court Issues Landmark Ruling on Personal Bankruptcy
- 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