Anbang boss jailed
A CHINESE court has sentenced 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 more than $10 billion.
Wu Xiaohui was toppled as head of Anbang last year and China’s insurance regulator announced an unprecedented takeover of the company in February, as the government moves aggressively to prevent heavily-indebted large private companies from collapsing.