Anbang denies reports of Wu Xiaohui’s detainment

Miami /
Apr.April 27, 2017 10:30 AM

From TRD New York: 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
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Jungle Island owner sells Jupiter office building to New York self storage firm for $12M
Arnaud Karsenti, managing principal of 13th Floor Investments (iStock, 13th Floor)
Brickell church votes to sell waterfront land to developer for condo tower
Brickell church votes to sell waterfront land to developer for condo tower
503 South Krome Avenue in Homestead and Armando Bravo (Google Maps)
Developer buys OZ land in bet on Homestead as “future” of real estate
Developer buys OZ land in bet on Homestead as “future” of real estate
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
Fruchtlander family buys Hollywood, Florida rental for $32M
Moishe Mana buys Allapattah site as he doubles down on Miami
Moishe Mana buys Allapattah site as he doubles down on Miami
Moishe Mana buys Allapattah site as he doubles down on Miami
arrow_forward_ios

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

Loading...