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Anbang's ex-chairman Wu Xiaohui contests charges as trial opens in China

Wu, known for his hard-driving, hands-on approach and single-minded ambition, has been detained since June


The former chairman of Anbang Insurance Group Co Ltd, Wu Xiaohui, contested all charges against him in a high-profile trial that began in Shanghai on Wednesday, part of Beijing's crackdown on profligate investing by conglomerates. Wu's trial for suspected economic crimes, including fundraising fraud and embezzlement, comes a month after the government seized control of Anbang, owner of New York's iconic Waldorf Astoria hotel and other marquee properties around the world. Founded in 2004, Anbang became one of the most aggressive investors behind a wave of overseas ...

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First Published: Wed, March 28 2018. 23:00 IST