Anbang’s jailed chairman Wu Xiaohui appeals against fraud conviction

Wu Xiaohui, the former chairman of troubled Chinese insurance giant Anbang, has lodged an appeal against his conviction for fraud and embezzlement worth around US$12 billion which saw him sentenced to 18 years behind bars, according to his lawyer.

“Wu has appealed for innocence. The Shanghai High People’s Court has formed a collegial court to review the appeal,” said Chen Youxi, one of China’s most renowned lawyers, famous for defending controversial businesspeople, in his personal WeChat and Weibo accounts at about 6am on Wednesday.

The post on Weibo was later removed but when contacted by the South China Morning Post, Chen confirmed the content was true, without providing any further details.

As well as the jail term, the court also decided to confiscate 10.5 billion yuan (US$1.6 billion) of Wu’s personal assets when it sentenced him in early May.

Wu’s appeal is the latest twist in the most high-profile criminal case brought against a member of China’s business elite as part of a broader crackdown on corruption.

Once at the helm of one of China’s most aggressive asset buyers, Wu was put on trial in the No. 1 Intermediate People’s Court in Shanghai in late March, charged with illegal fundraising, fraud worth 65.2 billion yuan and embezzling 10 billion yuan from Anbang’s insurance premium income.

Anbang Group, the insurance conglomerated founded and controlled by Wu, was taken over by China’s insurance regulator to prevent risks brought by the wrongdoings of Wu that endangers its solvency ability, the authority announced ahead of the trail in late February.