Anbang Insurance Group ( Chinese : 安邦保险集团 ; pinyin : Ānbāng Bǎoxiǎn Jítuán ) was a Chinese holding company whose subsidiaries mainly deal with insurance , banking , and financial services based in Beijing . As of February 2017, the company had assets worth more than CN¥1.9 trillion (US$ 301 billion). The Financial Times described Anbang as "one of China’s most politically connected companies."
7-425: Anbang was founded by Wu Xiaohui in 2004 as a regional car insurance company. Chen Xiaolu , a prominent princeling and son of Marshal Chen Yi , served as an early director, although Chen stated that he was merely an advisor and not a shareholder. Its founding shareholders included state-owned car maker Shanghai Automotive Industries Corp ., which held a 20% stake. In 2005, state-owned oil company Sinopec bought
14-577: A 20% share in Anbang. Anbang has more than 30,000 employees in China and is engaged in offering various kinds of insurance and financial products. Anbang's chairman, Wu Xiaohui , was detained in Beijing by government authorities on June 8, 2017, as an investigation of Anbang's activities. In February 2018, China's insurance regulator took control of Anbang, and Wu was prosecuted. On May 10, 2018, Wu Xiaohui
21-443: A senior White House aide. On 14 September 2020, Reuters reported that Anbang would disband and liquidate the company. Wu Xiaohui Wu Xiaohui ( Chinese : 吴小晖 ; born 1966) is a Chinese businessman, the former chairman and chief executive of Anbang Insurance Group , then one of the largest insurers in China. In May 2018, he was sentenced to 18 years imprisonment on charges of fraud and embezzlement. Wu Xiaohui
28-399: The consortium included J.C. Flowers & Co and Primavera Capital Group . The latter is headed by Fred Hu, the former chairman of Greater China at Goldman Sachs . The bid was ultimately unsuccessful. In 2017, the company also ended talks to invest billions of dollars in a Manhattan office tower ( 666 Fifth Avenue ) owned by the family of Jared Kushner , President Trump ’s son-in-law and
35-648: The support of investment bankers, and according to the Financial Times "makes all the key decisions" for Anbang. On 8 June 2017, Wu Xiaohui was taken away from Anbang's offices by police, stood down as chairman and was detained by the authorities. He was investigated for economic crimes in China's sweeping review of systemic risk . China regulators took control of Anbang before prosecuting its chairman for fraud. On 28 March 2018 Wu pled guilty to charges brought against him that he had raised money in excess of what
42-475: Was born in 1966 in Pingyang County , Wenzhou , Zhejiang province. Over a ten-year period beginning with Anbang's founding in 2004, Wu transformed the insurer from a minor player in China's insurance market to a high-profile global investment firm. As of mid-March 2016, Anbang claims to have assets of RMB1.65 trillion, or about US$ 253 billion. He is known for negotiating large transactions without
49-412: Was sentenced to 18 years of imprisonment after he was found guilty of fraud and embezzlement . The company holds a geographically diversified portfolio of assets in financial services , real estate and lodging . Anbang has also made large-scale bids that did not culminate in a transaction. On March 14, 2016, a consortium led by Anbang made a US$ 14 billion offer for Starwood . Other members of
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