Quick Take: Anbang Founder Wu Xiaohui Sentenced to 18 Years
Wu Xiaohui, the 52-year-old founder and former chairman of Anbang Insurance Group, has been sentenced to 18 years in prison for fundraising fraud and embezzlement at his financial empire.
The Shanghai No. 1 Intermediate People's Court announced the sentence Thursday, according to the official Xinhua News Agency.
The court confiscated 10.5 billion yuan ($1.65 billion) of Wu’s assets, and said his political rights would be suspended for four years.
The court found that between 2011 and 2017, Wu fabricated information in the financial reports of Anbang's property insurance subsidiary, Anbang Property and Casualty Insurance Co. Ltd., to illegally obtain regulatory approval to sell insurance products. It also found that he swindled retail investors out of 65.2 billion yuan — the amount that hasn't been paid back to Anbang Property.
The court also found that Wu took advantage of his post to embezzle 10 billion yuan of insurance premium income raised by Anbang Property.
Contact reporter Lin Jinbing (jinbinglin@caixin.com)
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