Anbang’s former chairman Wu sentenced to 18 years in jail for $10-billion fraud

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Workers clean windows on the Anbang Insurance building in Beijing on May 10, 2018. A Chinese court jailed Wu Xiaohui, the former high-flying head of troubled Anbang Insurance Group for 18 years, for defrauding the company of more than US$10 billion.Greg Baker/AFP

Wu Xiaohui, former chairman of Anbang Insurance Group Co., was sentenced to 18 years in prison after being convicted of fund-raising fraud and embezzlement, according to the official Xinhua News Agency.

The verdict from a Shanghai court also said Wu will be deprived of his political rights for four years, 10.5 billion yuan (US$1.7 billion) of his assets will be confiscated, and any illegal gains will be retrieved, according to Xinhua.

The verdict seals the remarkable downfall of a dealmaker who was accused in March of masterminding a US$10.2 billion fraud, as President Xi Jinping expands his anti-corruption campaign and a drive to curb financial risks.

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