Anbang Insurance Group Co., the troubled Chinese insurer seized by the government, is interviewing investment banks to advise on potential asset divestments, people with knowledge of the matter said. The once-acquisitive insurer plans to hire an adviser to manage the …
China is injecting 60.8 billion yuan ($9.7 billion) into Anbang Insurance Group Co. as it attempts to contain the fallout after the company’s former chairman was accused of masterminding a multi-billion dollar fraud. The move is aimed at ensuring Anbang’s …
Chinese prosecutors said Wu Xiaohui, the former chairman of Anbang Insurance Group Co., doesn’t deserve leniency as the one-day hearing of a fundraising fraud and embezzlement case against him wrapped up. Wu didn’t make confessions that could justify reduced penalties, …
The former chairman of China’s Anbang Insurance Group Co Ltd requested leniency at the end of his high-profile trial in Shanghai for alleged economic crimes, including fraud and embezzlement involving more than $10 billion, according to court statements. Wu Xiaohui …
A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital. The charges in court statements, which …
Anbang Insurance Group Co Ltd. said on Monday it fully supported the Chinese insurance regulator’s decision to temporarily take control of the company and remains committed to the development of its overseas subsidiaries. These are the first comments by Anbang …
The once-mighty Anbang Insurance Group Co. has been temporarily taken over by China’s regulators and its boss is facing prosecution on charges including fundraising fraud and embezzlement. Anbang’s meteoric rise was fueled by surging sales of high-yield products, which helped …
The Chinese government on Friday seized control of Anbang Insurance Group Co. Ltd and said its chairman had been prosecuted, dramatically illustrating Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk. Anbang had violated laws and …
Blackstone Group LP, which scored big four years ago when a company it owned sold New York’s Waldorf Astoria hotel for a record-setting price to a little-known Chinese insurer, may soon get a chance to own the iconic landmark again. …
China’s government, which has been probing alleged financial wrongdoing at Anbang Insurance Group Co., is seeking to broker the sale of a stake in the insurer, people with knowledge of the matter said. Central Huijin Investment Ltd., a unit of …
