China’s insurance regulator has decided to takeover Anbang Insurance Group, a once high-flying insurance company headed by Wu Xiaohui, ex-husband to the granddaughter of former Chinese paramount leader Deng Xiaoping. In a statement posted on the China Insurance Regulatory Committee (CIRC), Wu Xiaohui, Anbang’s ex-chairman, has been prosecuted for alleged economic crimes by a court in Shanghai.
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