Anbang's Wu Accused of $10.4 Billion Fraud as Trial Begins
- Hearing gives unprecedented glimpse of Anbang’s inner workings
- Trial comes a month after government took control of Anbang
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A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital.
The charges in court statements, which offer an unprecedented glimpse into Anbang’s inner workings, allege wrongdoing going as far back as 2007. Wu ordered up fraudulent financial statements and used money raised from fraud for investment, debt repayment and personal use, the Shanghai No. 1 Intermediate People’s Court said in a Weibo statement Wednesday.