China sentences founder of Anbang to 18 years for fraud
Wu, who founded privately owned Anbang in 2004, has been accused of misleading investors and diverting money for his own use. He was detained last year and regulators seized control of Anbang in February. He was shown on state TV in March admitting guilt.
Wu initially had denied his guilt at his one-day trial, according to an earlier court statement.
According to
It said he used more than 100 companies under his control to manage funds and authorities later recovered bank savings, real estate and other assets. Wu used his position to misappropriate
Anbang last month said it was receiving a
The company engaged in a global asset-buying spree, raising questions about its stability. Anbang discussed possibly investing in a
The negotiations with
The Anbang case is one of a string of scandals in
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