Wu Xiaohui chairman and chief executive officer of Anbang Insurance Group Co. speaks during the Boao Forum for Asia Annual Conference 2017 in Boao China
Wu Xiaohui, former chairman of Anbang Insurance Group, the Chinese conglomerate that owns the Waldorf Astoria hotel in NY, has been jailed for 18 years for fraudulently raising $10 billion and embezzlement.
The penalties handed down by Shanghai No. 1 Intermediate People's Court, which included a confiscation of 10.5 billion yuan ($1.65 billion) in assets, followed a one-day trial of Mr. Wu in late March.
Between 2011 and 2017, Wu ordered others to produce false earnings reports, disclose false information, fake fund injections and hide insurance revenue to deceive regulators, the court said.
Wu, who founded privately owned Anbang in 2004, has been accused of misleading investors and diverting money to his own use.
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The court found him guilty of defrauding Anbang of more than 65 billion yuan following a trial in March.
Under Wu, Anbang Insurance was one of China's most aggressive buyers of overseas businesses, most notably luxury properties. The company boasted of extensive ties to China's Communist Party, and Wu himself is married to the granddaughter of Deng Xiaoping, China's former paramount leader. It also has significant stakes in Chinese banks and property developers.
Anbang's takeover by the authorities is due to last a year but the government has said it could be extended if necessary as authorities work to restructure the firm. The Beijing-based company reported in April that it had received a 60.8 billion yuan injection, which meant the government fund owned 98 percent of the company. In 2014, the company purchased the Waldorf Astoria for $1.95 billion.
The Chinese government has become increasingly wary alarmed by private companies' murky web of subsidiaries and debt, trying to prevent them from posing a threat to the world's second-largest economy.
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