Court Says Ex-Anbang Chief Now Has 'deep Remorse'

The former chairman of Anbang Insurance has requested leniency at the end of his high-profile trial in Shanghai for alleged economic crimes, including fraud and embezzlement involving more than 62 billion yuan.

Wu Xiaohui contested the charges against him during the proceedings on Wednesday but in a closing statement on the court's website, he appeared to reverse course, saying he understood and regretted the crimes.

The Shanghai Number one Intermediate People's court said on its social media page that he had “expressed deep self-reflection, and expressed deep remorse for his actions” and he requested a light sentence.

The court said it would issue a verdict later at an unspecified date.

The one-day trial came a month after the government seized control of Anbang.