China takes over ownership of Anbang

Posted On: Jun. 25, 2018 6:08 AM CST

The China Banking and Insurance Regulatory Commission said that government-owned China Insurance Security Fund has taken nearly full ownership of Anbang Insurance Group Co. Ltd., Mingtiandi reported citing sources. The fund owns 98% stake in Anbang. Wu Xiaohui, Anbang's former chairman, was sentenced to 18 years in prison for fraud and embezzlement in May. The country’s financial regulator seized control of Anbang's operations in February and will continue to manage its operations until February 2019, a source said.