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China seizes control of Anbang amid Xi's anti-corruption campaign

China disclosed the seizure in a statement on the insurance regulator's website Friday morning

China seizes control of Anbang amid Xi's anti-corruption campaign

China’s government will seize temporary control of Anbang Insurance Group and prosecute founder Wu Xiaohui for alleged fraud, cementing the downfall of a politically-connected dealmaker whose aggressive global expansion came to symbolise the financial overreach of China’s debt-laden conglomerates. The surprise move furthers President Xi Jinping’s anti-corruption and de-leveraging campaigns while providing a government backstop for the high-yield investment products that Anbang sold to hordes of Chinese citizens. It also suggests that after months of clamping down ...