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Home / Business / China sentences Anbang founders to 18 years for fraud

China sentences Anbang founders to 18 years for fraud



HONGKONG – Wu Xiaohui, the Chinese magnate who became known internationally to buy the Waldorf Astoria Hotel, was sentenced to 18 years in prison on Thursday after he was guilty of cheating investors.

Mr. Wu was convicted by a court in Shanghai of using the Anbang Insurance Group, which he founded, to cheat investors in excess of $ 10 billion in one of China's biggest financial crime cases.

Faced with a possible life imprisonment, Wu pleaded guilty to the lawsuit and asked the court to consider a lighter sentence.

Shanghai People's Intermediate People's Court No. 1

served its sentence when 50 people, including members of Mr. Wu's family, sat in the courtroom for a statement of the court

the Chinese Procuratorate wreaked havoc on Mr. Wu, in which he asserted his control through a network of companies. According to the prosecutors, Mr. Wu instructed employees to falsify financial reports and marketing information. In this way, the government said Mr. Wu was able to bypass regulations and get money from the public.

The court said in a statement that it confiscated Mr. Wu's bank accounts, real estate and equity.

In a response on Thursday, Anbang said that Mr. Wu had been removed from his position as chairman of the company, adding that his business is under state supervision.

"Anbang has sufficient cash flow to meet its obligations to all clients to ensure that the legitimate rights of policyholders are effectively protected," the company said in a statement.

Mr. Wu's lawyer, Zhai Jian, declined to comment.

Cao Li did research work.


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