Business
10:14, 30-May-2018
Former Anbang chairman to appeal his 18-year sentence
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Wu Xiaohui, former chairman and general manager of Anbang Insurance Group, will appeal the court verdict that sentenced him to 18 years in jail on May 10, Wu’s lawyer said Wednesday.
Wu was also deprived of his political rights for four years, and had 10.5 billion yuan (1.6 billion U.S. dollars) of his assets confiscated, according to the court sentence.
The court found that since January 2011, Wu, having concealed his shareholder status, used Anbang and other companies as a financing platform and directed others to cheat the insurance regulator to gain approval and extension of insurance products with fake documents.
(Top image file photo)