Deals
China Injects $9.7 Billion Into Anbang After Fraud Alleged
- Government took temporary control of insurer in February
- Former Chairman Wu Xiaohui’s court hearing was last week
Anbang Financial Center in Beijing.
Photographer: Giulia Marchi/BloombergThis article is for subscribers only.
China is injecting 60.8 billion yuan ($9.7 billion) into Anbang Insurance Group Co. as it attempts to contain the fallout after the company’s former chairman was accused of masterminding a multibillion dollar fraud.
The move is aimed at ensuring Anbang’s solvency and protecting policy holders’ interests, the China Insurance Regulatory Commission said Wednesday. The government is trying to revamp and stabilize a company that burst onto the global scene in 2014 with the purchase of New York’s Waldorf Astoria hotel, but was seized by regulators in February.