China Has Sentenced Anbang's Ex-Chief to 18 Years in Prison for $10 Billion Fraud

May 10, 2018 4:40 AM

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Wu Xiaohui, former chairman of Anbang Insurance Group Co., was sentenced to 18 years in prison after being convicted of fund-raising fraud and embezzlement, according to the official Xinhua News Agency.

The verdict from a Shanghai court also said Wu will be deprived of his political rights for four years, 10.5 billion yuan ($1.7 billion) of his assets will be confiscated, and any illegal gains will be retrieved, according to Xinhua.

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