The Gold Coast Bulletin

Anbang boss jailed

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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.

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