Anbang insurance group chairman 'taken away' by Chinese authorities

This article is more than 12 months old

Jun 15, 2017 06:00 am

BEIJING The chairman of a Chinese insurance group that sought a deal with US President Donald Trump's family has stepped aside, following a report that he was taken away by the authorities.

Officials from the China Insurance Regulatory Commission notified the Anbang group that Mr Wu Xiaohui was "taken away" on Friday but did not explain why, said Caijing, a Chinese magazine. The report has since been taken down.

Anbang, in a statement yesterday, only said Mr Wu was "temporarily unable to perform his duties for personal reasons".

Caijing, citing an unidentified source, said regulators may be investigating Anbang's compliance with insurance products or insurance fund investments. Last month, the regulator accused Anbang of violating certain provisions and banned it from filing applications for new insurance products for three months.

Anbang had negotiations with a company owned by Mr Trump's White House adviser and son-in-law Jared Kushner for an investment in a building in New York. But talks were broken off in March after critics warned of a conflict of interest. - AFP