For several weeks, Chinese media has been reporting that the Chairman of Chinese M&A monster Anabang Insurance, Wu Xiaohui, has been detained and is unable to leave the country. While Anabang initially denied the charge, the company issued a statement saying that Wu is ‘unable to perform his duties‘ for personal reasons, and Caijing Magazine reported late Tuesday on it’s website that Wu was physically detained by Chinese authorities on June 9th, citing unidentified sources.
The report, which said it wasn’t clear whether Wu was assisting with a government investigation, was later deleted from the magazine’s website. Caijing didn’t immediately answer calls and emails requesting comment before regular business hours in Beijing.
A person familiar with the matter told the South China Morning Post that Wu had been “assisting relevant investigations” and previously had always returned to his office or home after a few hours of questioning. Wu hasn’t returned since he was taken away at the end of last week, the person said. –Bloomberg
Anabang, which had been on a ‘acquisition spree’ was recently in the news as a suitor for Jared Kushner’s 666 Fifth Avenue property until the deal fell apart in March.
Anbang drew worldwide attention in 2014, as it snapped up real estate and financial-services companies in Asia, the U.S. and Europe, often at large premiums. In October that year it agreed to buy the landmark Waldorf Astoria in New York for $1.95 billion, a record for a single American hotel, and later closed the property while it converts most of the rooms to luxury condominiums.
Wu, who married the granddaughter of reform leader Deng Xiaoping, doesn’t speak English and often travels with translators. The vast majority of Anbang is collectively owned by relatives of Wu or his wife, Zhuo Ran, the New York Times has reported.
I guess this is what happens when you forget to pay your membership dues in China?If you enjoy the content at iBankCoin, please follow us on Twitter