Ex-CEO Anbang gets 18 years in prison for corruption and fraud. Chinese Anbang is the parent company of, among others, Dutch insurers Reaal and Zwitserleven.
The now convicted Wu Xiaohui admitted a billion-euro fraud in March. He put some of the billions into his pocket. According to Chinese state media, an amount of about € 1.4 billion has been confiscated at Wu, posted by Citi News.
The CEO was arrested last year, in February the Chinese state took control of Anbang. The government feared that the group could not meet its financial obligations.
Wu founded Anbang in 2004. He was long seen as someone with one of the best political connections in China. He is married to a granddaughter of former Chinese President Deng Xiaoping.
Anbang started as a car insurer. It is now one of China’s largest financial conglomerates. For example, the group is also the owner of the famous Waldorf Astoria Hotel in New York.