Chinese State TV Shows Insurance Tycoon Admitting Guilt

April 1, 2018 by Associated Press

BEIJING (AP) — State TV has shown the founder of the Chinese insurance company that owns New York City’s Waldorf Hotel admitting his guilt at a trial on charges he fraudulently raised $10 billion from investors.

Wu Xiaohui, former chairman of Anbang Insurance Group, also is accused of improperly diverting money to his own use. Regulators seized control of Anbang in February after a multibillion-dollar global asset-buying spree prompted questions about its financial stability.

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Originally Posted at InsuranceNewsNet on March 29, 2018 by Associated Press.