Wu Xiaohui’s detention is the highest-profile development in a sweep of China’s financial industry by corruption investigators that began in earnest in January
Anbang Insurance, China’s hyperacquisitive insurance rollup, which was responsible for a sizable portion of China’s merger spree between 2014 and 2016, and which has since been accused of being a money laundering vehicle, of wreaking “havoc” with theChinese insurance market, and was a potential investor in Jared Kushner’s 666 Fifth Avenue buildinguntil the deal fell apart in March, announced that its billionaire Chairman Wu Xiaohui, is “unable to perform his duties” due to personal reasons, confirming Chinese media reports that the tycoon had recently been detained by authorities.
On Tuesday,China’s Caijing reported that Wu – whosenet worth was recently estimated at over $1 billion – was taken away by Chinese authorities, citing unidentified people. The report said that…
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