Ex-boss of China’s Anbang Insurance pleads for leniency in trial

SHANGHAI: The former chairman of China’s Anbang Insurance Group Co Ltd requested leniency at the end of his high-profile trial in Shanghai for alleged economic crimes, including fraud and embezzlement involving more than US$ 10 billion, according to court statements.

Wu Xiaohui had contested the charges against him during the proceedings on Wednesday but in a closing statement appeared to reverse course, saying he understood and regretted the crimes, the court said on an official social media feed.

The one- day trial came a month after the government seized control of Anbang, owner of New York’s Waldorf Astoria hotel, capping the company’s precipitous downfall amid Beijing’s crackdown on financial risk.

The Shanghai No.1 Intermediate People’s Court said Wu had “expressed deep self-reflection, understanding of and regret for the crimes, and expressed deep remorse for his actions” in his closing statement, according to an online post seen by Reuters on Thursday.

“( He) thanked the justice system for its help, education and remedy, and requested a light sentence,” it said.

The court said it would issue a verdict at an unspecified later date.

Founded in 2004, Anbang became one of the most aggressive investors behind a wave of overseas acquisitions by China’s firms in recent years that have attracted the attention of global regulators and investors.

Its downfall was swift, as was Wu’s, highlighting Beijing’s resolve in a sweeping campaign to deleverage the economy, cut financial risk and discourage what it sees as profligate investing by large companies. — Reuters