Written by Staff Writer
10 May, 2018 | 8:20 pm
The former chairman of China’s Anbang Insurance Group Co Ltd has been found guilty of fraud and corruption and sentenced to 18 years in prison.
Wu Xiaohui admitted on state television in March to fraudulently raising billions of dollars from investors, BBC reported.
According to Chinese state media, Xiaohui will also have 10.5bn yuan ($1.7bn; £1.2bn) confiscated from him.
The Shanghai Intermediate People’s Court found that Xiaohui “concealed his equity control” of Anbang and “directed others to use false material” to obtain regulatory approval to sell investment products, according to the official Xinhua news agency.
Xiaohui was first detained in June last year. Chinese regulators took control of Anbang in February 2018.
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