Friday, 23 February 2018

China seizes control of insurance and financial giant Anbang

Beijing has cracked down on insurance and financial giant Anbang, taking control of the conglomerate and prosecuting the firm's head.

Wu Xiaohui, who was already detained by authorities last June, is to face prosecution for "economic crimes".

In an unusual move, Anbang Insurance Group will now be taken over by China's insurance regulator for one year.

The firm is known for its aggressive international acquisitions, including New York's Waldorf Astoria hotel.'

Chinese authorities have been cracking down on the financial industry to guard against excessive borrowing and risk.

BBC         News.