Wu Xiaohui

In this Chinese name, the family name is Wu.
Wu Xiaohui
Born1966 (age 57–58)
Pingyang County, Zhejiang, China
Occupationbusinessman
Known forAngbang, fraud, embezzlement
TitleChairman and CEO, Anbang Insurance Group
Term2004 - 2017
SpouseZhuo Ran (sep. 2015)
Children1 son
RelativesDeng Xiaoping (grandfather-in-law)

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.

Biography

Wu Xiaohui was born in 1966 in Pingyang County, Wenzhou, Zhejiang province.[1][2]

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.[3] As of mid-March 2016, Anbang claims to have assets of RMB1.65 trillion, or about US$253 billion.[4] He is known for negotiating large transactions without the support of investment bankers,[5] and according to the Financial Times "makes all the key decisions" for Anbang.[6]

Investigation and conviction

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.[7][8] China regulators took control of Anbang before prosecuting its chairman for fraud.[9] On 28 March 2018 Wu pled guilty to charges brought against him that he had raised money in excess of what is allowed by regulations, as well as other crimes. He asked the court for leniency in his sentencing.[10] On 10 May, Wu has been sentenced to 18 years in prison for fundraising fraud and embezzlement.[11] Wu will also have his $1.7 billion worth of assets seized.[12]

Personal life

He was married to Zhuo Ran, the granddaughter of Deng Xiaoping, the former Chinese paramount leader, until their separation in 2015.[13][14]

References

  1. ^ Wildau, Gabriel (15 March 2016). "Rise of Wu Xiaohui, Anbang's low-profile, high-octane chairman". Financial Times. ISSN 0307-1766. Retrieved 15 March 2016.
  2. ^ "What's Driving Insurer Anbang's Big Bang?". Caixin. Retrieved 15 March 2016.
  3. ^ Bhaktavatsalam, Hui-Yong Yu Sree Vidya. "The Chinese Dealmaker Following Buffett's Lead". Bloomberg L.P. Retrieved 15 March 2016.
  4. ^ "Anbang Insurance (Group) Inc - Insurance,Bank,Investment". anbanggroup.com. Retrieved 16 March 2016.
  5. ^ jonny_browning, Jonathan Browning. "Gate-Crashing, Cutting In: Anbang's Recipe for Billions of Deals". Bloomberg L.P. Retrieved 16 March 2016.
  6. ^ "Anbang drives a hard bargain on its shopping spree". Financial Times. 17 March 2016. ISSN 0307-1766. Retrieved 17 March 2016.
  7. ^ Chao, Deng; Areddy, James T. (13 June 2017). "Once-Highflying Anbang Chief Isn't Able to Do His Job". WSJ.
  8. ^ "Wu Xiaohui: China 'detains' Anbang Insurance chairman - BBC News". Bbc.co.uk. Retrieved 14 June 2017.
  9. ^ "China Regulator Seizes Anbang, Chairman Faces Fraud Prosecution". Bloomberg. 22 February 2018. Retrieved 7 May 2018.
  10. ^ "Anbang Group's chairman pleads guilty during trial". CCTV. 28 March 2018. Retrieved 7 May 2018.
  11. ^ "Quick Take: Anbang Founder Wu Xiaohui Sentenced to 18 Years in Prison". CCTV. 10 May 2018. Retrieved 10 May 2018.
  12. ^ Shane, Daniel. "Ex-chief of Chinese insurer Anbang jailed for 18 years". CNNMoney. Retrieved 11 May 2018.
  13. ^ "What is Anbang Insurance? – the Short Answer - WSJ". Archived from the original on 18 March 2016. Retrieved 4 August 2017.
  14. ^ "Group led by Chinese firm Anbang bids $12.8 billion for Starwood Hotels". Los Angeles Times. Retrieved 17 March 2016.