May 11, 2018 11:32 AM

An Era Ends at Anbang as Founder Sentenced to Prison

Wu Xiaohui. Photo: VCG
Wu Xiaohui. Photo: VCG

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.

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