Former Anbang chairman stands trial for fraud, embezzlement

Wu Xiaohui, former chair and general manager of Chinese conglomerate Anbang Insurance Group, has stood trial on Wednesday, March 28, 2018 in Shanghai on charges of embezzlement and fraud.

Wu Xiaohui, former chair and general manager of Chinese conglomerate Anbang Insurance Group, strands on trial at the No 1 Intermediate People's Court in Shanghai, March 28, 2018. [Photo: Weibo/ Shanghai No. 1 People's Intermediate Court]

According to a statement issued by Shanghai No. 1 People's Intermediate Court, Wu Xiaohui is facing accusations of "fraudulently raising capital" and "work-related embezzlement."

He has denied any wrong doing. A verdict has yet to be delivered.

Wu Xiaohui was placed under investigation in June, 2017. His trial comes just one month after the China Insurance Regulatory Commission announced its one-year takeover of Anbang after confirming the company's former chief was being prosecuted for economic crimes on February 23, 2018.

Wu Xiaohui, former chair and general manager of Chinese conglomerate Anbang Insurance Group, strands on trial at the No 1 Intermediate People's Court in Shanghai, March 28, 2018. [Photo: Weibo/ Shanghai No. 1 People's Intermediate Court]

Anbang has been one of China's most aggressive overseas buyers over the past few years. It is best known for a number of high-profile international mergers and acquisitions, including the 2015 purchase of New York's famed Waldorf-Astoria hotel for 1.95 billion US dollars.

Ranked 139th on the 2017 Fortune 500 list, Anbang has registered assets of nearly 2 trillion yuan (about 310 billion U S dollars), with more than 30,000 employees and over 35 million clients globally, according to the company's website.