Former Anbang chairman appeals conviction

Wu Xiaohui, the former chairman of Anbang Insurance Group, has appealed his conviction for fraud and embezzlement, the Financial Times reported on May 30 citing his lawyer.

Wu has been found guilty of fraud and embezzlement and sentenced to 18 years in prison earlier in May. The Shanghai No.1 Intermediate People’s Court saw Wu guilty of issuing false disclosures to regulators and diverting insurance premiums for his personal use. The court also confiscated 10.5 billion yuan ($1.65 billion) in assets.

Wu reportedly denied the charges against him on the first day of his trial but later shifted tone as he asked the court for leniency.

In February 2018, the Chinese government seized control of Anbang in an attempt to curtail big-spending conglomerates as it cracks down on financial risk.

In April, the China Banking Insurance Regulatory Commission approved a plan to inject ¥60.804 billion ($9.65 billion) of capital into the company while seeking new investors.

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