Ex-chief of Chinese insurer Anbang jailed for 18 years

Another Chinese firm with global ambitions falls
Another Chinese firm with global ambitions falls

The former chief of a major Chinese financial firm that owns businesses around the world has been jailed for 18 years, according to state media.

A court in Shanghai on Thursday handed down the sentence to Wu Xiaohui, the former chairman of insurance company Anbang, after he was convicted of fraud and embezzlement, China’s official news agency, Xinhua, reported. Wu will also have $1.6 billion of his property confiscated, according to the report.