Former Boss Of Anbang Jailed For 18 Years

A mainland court sentenced on Thursday the former head of troubled Anbang Insurance Group to 18 years in prison for fraud and other crimes, Xinhua news agency said, after a trial that accused him of stealing billions of yuan.

Xinhua said the court determined the length of the sentence according to the facts of the case, the severity of the crime, and its "degree of social harm". It said more than 50 people were present at the sentencing, including Wu Xiaohui's relatives and journalists.

Wu was toppled as the head of Anbang last year and the mainland's insurance regulator announced an unprecedented takeover of the company in February.

At the one day trial in March, Wu had initially contested some charges against him. But in his closing statement, which was posted on the Shanghai court's website, he was quoted as saying that he understood and regretted the crimes.

The Shanghai Number one Intermediate People's court later 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.

Wu, who founded privately owned Anbang in 2004, was accused of misleading investors and diverting money to his own use. He was detained last year and regulators seized control of Anbang in February.

He was shown on state TV in March admitting guilt.

Anbang had made some very high profile property investments overseas over the years, including New York City's Waldorf Hotel. Anbang also discussed possibly investing in a Manhattan skyscraper owned by the family of US President Donald Trump's son-in-law and adviser, Jared Kushner. Those talks ended last year with no deal. (AFP, AP)

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