Anbang denies reports of Wu Xiaohui’s detainment

"There has been no interruption to Anbang’s business activities, both foreign and domestic": spokesperson

New York /
Apr.April 27, 2017 07:50 AM
Anbang Insurance Group dismissed social media reports that its chairman, Wu Xiaohui, had been detained by authorities in Beijing, saying there was no truth to the chatter whatsoever.
“There is no validity to the unfounded rumors that any Anbang executives, including Chairman Wu, have been detained by authorities,” a spokesperson said in a statement issued late Wednesday night. “There has been no interruption to Anbang’s business activities, both foreign and domestic, which continue as usual.”

Chinese social media platform WeChat erupted early Wednesday with rumors that authorities were investigating Wu and had also halted all of the insurance giant’s overseas investment.

According to the media reports, the investigation into Wu is connected to a $14.5 billion loan the Anbang chairman allegedly obtained illegally from Minsheng Bank. Wu used the illegal loan to invest in the stock market, the reports say. He may also have partly funded Anbang’s acquisitions with the loan, according to the reports.

Authorities have been looking into Anbang’s activities over the past few months, sources said, and two weeks ago, China’s corruption watchdog questioned its top insurance regulator, Xiang Junbo, over suspicion of “severe disciplinary violations,” according to the Financial Times.

On Thursday, state-operated newspaper New Beijing Daily published an interview with Wu, according to a report on China Money Network. The interview, which ran with an accompanying photo, was conducted at Anbang’s offices in Beijing, according to CMN.


Related Articles

arrow_forward_ios
Related’s Stephen Ross and 265-275 Cherry Street (Google Maps; Getty)
NYC investment sales showed signs of recovery at end of 2020
NYC investment sales showed signs of recovery at end of 2020
Tishman Speyer CEO  Rob Speyer and The Spiral as seen on January 21, 2021 (Photos via Getty Images; Illustration by Kevin Rebong)
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer CEO Rob Speyer and Latch CEO Luke Schoenfelder (Getty; Latch)
Latch to go public via Tishman Speyer’s SPAC
Latch to go public via Tishman Speyer’s SPAC
(Photo illustration by The Real Deal)
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...