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Sidney Leng

Xie Yu

Choi Chi-yuk

Anbang Insurance, one of China’s most aggressive overseas investors, said its chairman, Wu Xiaohui, can’t perform his duty “for personal reasons”, and has delegated his authority to other executives. The company made its brief statement hours after a leading Chinese magazine reported that Wu was taken away for investigation.
While Anbang’s statement didn’t respond directly to Tuesday evening’s media report, it confirmed weeks of speculation that Wu, a high-profile billionaire who married a granddaughter of former Chinese paramount leader Deng Xiaoping, has been in trouble.
Anbang Insurance to sue leading Chinese financial magazine Caixin
The statement from Anbang added that the group’s business operations remain normal.
The Chinese language magazine Caijing reported on Tuesday that authorities had taken Wu away for investigation, citing unidentified sources, but the report was deleted hours later.

Wu, one of the most high-profile mainland billionaires, has been involved in a war of words with the leading magazine Caixin and its editor-in-chief, Hu Shuli, in recent weeks over whether Wu and his company, Anbang, had been involved in ­irregularities.
Caijing reported on Tuesday that the China Insurance Regulatory Commission, Angbang’s regulator, had met with the company’s executives on Saturday and informed them that Wu had been taken away, although detailed reasons were not given.
The Caijing story was deleted hours after it was published.
A source familiar with the matter told the SCMP that Wu had been “assisting relevant investigations” for a while, but had always managed to return to his office or home after a few hours of questioning. But Wu hadn’t returned since he was taken away at the end of last week, the source added.
Vancouver’s new property player has deep pockets - and a rich Chinese communist pedigree
The anti-corruption campaign under President Xi Jinping is sweeping the financial industry. Earlier this year, Xiao Jianhua, one of the nation’s most mysterious tycoons, was taken to the mainland to assist investigators in Beijing. Xiao has not been seen since. And Xiang Junbo, the chairman of the China Insurance Regulatory Commission, was sacked and put under investigation two months ago.
“If rumours of Wu Xiaohui’s arrest or detention prove to be true, it may not immediately impact the insurance sector as a whole, but it could raise questions about Anbang’s ability to remain a major player in outbound mergers and acquisitions,” said Brock Silvers, managing director of Kaiyuan Capital, a Shanghai-based financial advisory firm.
China insurance regulator bars Anbang from new product issuance for three months
Anbang has grabbed many headlines in recent years for its large cross-border acquisition deals, which included a US$1.95 billion investment in the Waldorf Astoria Hotel in New York.
The New York Times reported earlier this year that Wu had talked with US President Donald Trump’s son-in-law, Jared Kushner, about buying into a skyscraper project in Manhattan. But the deal failed, partly because Beijing tightened control over outbound investments.
Anbang’s plan to buy US insurer Fidelity & Guaranty Life failed as well, because the company couldn’t answer detailed questions on its shareholding structure sought by financial regulators in the US.
Additional reporting by Choi Chi-yuk


Anbang Insurance says chairman Wu Xiaohui stepping aside amid probe reports

Wu Xiaohui has been in a war of words with a leading magazine, over whether he and his company have been involved in ­irregularities. Photo: Reuters

FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo

Anbang Insurance to sue leading Chinese financial magazine Caixin

Anbang Insurance says it will take legal action against a Chinese magazine. Photo: Reuters

Vancouver’s new property player has deep pockets - and a rich Chinese communist pedigree

A combination photo shows Anbang Insurance Group chairman Wu Xiaohui and Vancouver's Bentall Centre, which Anbang is reported to have purchased. Photo: Anbang Insurance / Ivanhoe Cambridge

Secretary General of the Boao Forum for Asia ( BFA ) Long Yongtu attended Y.Elites Forum on GD's 30th anniversary of economic reform at Hong Kong Convention and Exhibition Centre, Wan Chai. 30JUL08

Warning, low res image! This image may be republished, Vancouver's Bentall Centre , which was reportedly bought by China's Anbang Insurance. Photo: Ivanhoe Cambridge

Warning, low res image! This image may be republished, Anbang Insurance Group chairman Wu Xiaohui (left), with a discussion moderator at a Harvard University recruitment forum for students on January 31, 3015. Photo: Anbang Insurance

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The company did not directly respond to claims Wu had been taken away for investigation and Caijing’s report he had been detained was deleted hours after initial publication
