LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Chinese Insurer Anbang's Ex-Boss Jailed 18 years for Fraud

Wu's trial was held on March 28 at a court in Shanghai, where prosecutors accused him of defrauding Anbang of 65 billion yuan ($10 billion).

AFP

Updated:May 10, 2018, 9:07 AM IST
facebookTwittergoogleskypewhatsapp
Chinese Insurer Anbang's Ex-Boss Jailed 18 years for Fraud
File photo: A Chinese national flag flutters in front of a building.
Loading...
Shanghai, China: A Chinese court sentenced the former head of troubled Anbang Insurance Group to 18 years in prison on Thursday for fraud and corruption, Xinhua news agency said, following accusations of stealing more than $10 billion.

Wu Xiaohui was toppled as Anbang's head last year and China's insurance regulator announced an unprecedented takeover of the conglomerate in February, as the government moves to prevent heavily-indebted large private companies from collapsing and posing a risk to the financial system.

Wu's trial was held on March 28 at a court in Shanghai, where prosecutors accused him of defrauding Anbang of 65 billion yuan ($10 billion).

The funds were transferred to companies that Wu personally controlled for investment overseas, to pay down debts, or "personally squandered," the court had said.

The court also was told that Anbang had sold investment products that exceeded allowable fund-raising amounts by a whopping 723.9 billion yuan.

The government's swoop on Anbang marked its most aggressive step yet to rein in politically-connected conglomerates that grew rapidly and launched a wave of splashy multi-billion-dollar overseas investments fuelled by excessive debt.

The government of President Xi Jinping, who has dramatically strengthened his grip on power recently, has made cleaning up financial risks a top national priority.​


Catch the biggest newsmakers and the biggest newsbreaks on CNN-News18, the only news destination. Keep watching CNN-News18 at just 50 paise per month. Contact your cable/DTH operator now!

*Rental/capacity fee of Rs. 130/- as charged by cable/DTH operator may apply. **GST extra.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,237.70 4.50
Sun Pharma 398.30 1.93
Kotak Mahindra 1,267.60 2.21
Larsen 1,314.55 -0.25
HDFC Bank 2,148.15 0.84
Company Price Change %Gain
Reliance 1,234.50 4.36
ICICI Bank 371.25 -0.17
Sun Pharma 398.35 1.94
Kotak Mahindra 1,267.30 2.42
Yes Bank 192.10 -3.10
Top Gainers
Company Price Change %Gain
Reliance 1,237.70 4.50
Kotak Mahindra 1,267.60 2.21
Bajaj Finserv 6,384.55 2.15
Bajaj Finance 2,594.20 2.02
Sun Pharma 398.30 1.93
Company Price Change %Gain
Reliance 1,234.50 4.36
Kotak Mahindra 1,267.30 2.42
Sun Pharma 398.35 1.94
Bajaj Finance 2,588.90 1.89
Infosys 742.75 1.61
Top Losers
Company Price Change %Gain
Hero Motocorp 2,794.25 -3.61
Yes Bank 191.95 -3.35
Wipro 337.80 -2.41
Maruti Suzuki 7,208.40 -2.03
IOC 135.65 -1.60
Company Price Change %Gain
Hero Motocorp 2,794.50 -3.40
Yes Bank 192.10 -3.10
Maruti Suzuki 7,200.95 -2.07
Power Grid Corp 190.35 -1.50
Bajaj Auto 2,685.45 -1.14

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results