An­bang gets $9.6-bn govt bailout

India Business Journal - - GLOBAL WRAP-UP -

The An­bang In­surance Group, the trou­bled Chi­nese in­surer that owns New York City's Wal­dorf Ho­tel, has said that it is re­ceiv­ing a $9.6-bil­lion bailout from a govern­ment-run fund. Reg­u­la­tors seized con­trol of An­bang in Fe­bru­ary af­ter a global as­set-buy­ing spree raised ques­tions about its sta­bil­ity. Its founder, Wu Xiao­hui, went on trial last month on charges that he had de­frauded in­vestors. The case added to a string of scan­dals in China's in­surance in­dus­try. The in­jec­tion of money from the China In­surance Se­cu­rity Fund will help An­bang main­tain sta­ble op­er­a­tions, the in­surer has said.

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