An Era Ends at Anbang as Founder Sentenced to Prison
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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