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Wu Xiaohui (; born 1966) is a Chinese businessman, the former chairman and chief executive of
Anbang Insurance Group Anbang Insurance Group () was a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services based in Beijing. As of February 2017, the company had assets worth more than (US$301 billion). The ''Financi ...
, then one of the largest insurers in China. In May 2018, he was sentenced to 18 years imprisonment on charges of fraud and embezzlement.


Biography

Wu Xiaohui was born in 1966 in
Pingyang County Pingyang County (, Wenzhounese:''ben yi'') is a county in the prefecture-level city of Wenzhou, located along the southern coast of Zhejiang province, China. There are two main cities with many surrounding villages in Pingyang. The two main settl ...
,
Wenzhou Wenzhou (pronounced ; Wenzhounese: Yuziou �y33–11 tɕiɤu33–32 ), historically known as Wenchow is a prefecture-level city in southeastern Zhejiang province in the People's Republic of China. Wenzhou is located at the extreme south east ...
,
Zhejiang Zhejiang ( or , ; , Chinese postal romanization, also romanized as Chekiang) is an East China, eastern, coastal Provinces of China, province of the People's Republic of China. Its capital and largest city is Hangzhou, and other notable citie ...
province. Over a ten-year period beginning with Anbang's founding in 2004, Wu transformed the insurer from a minor player in China's insurance market to a high-profile global investment firm. As of mid-March 2016, Anbang claims to have assets of RMB1.65 trillion, or about US$253 billion. He is known for negotiating large transactions without the support of investment bankers, and according to the ''Financial Times'' "makes all the key decisions" for Anbang.


Investigation and conviction

On 8 June 2017, Wu Xiaohui was taken away from Anbang's offices by police, stood down as chairman and was detained by the authorities. He was investigated for economic crimes in China's sweeping review of systemic risk. China regulators took control of Anbang before prosecuting its chairman for fraud. On 28 March 2018 Wu pled guilty to charges brought against him that he had raised money in excess of what is allowed by regulations, as well as other crimes. He asked the court for leniency in his sentencing. On 10 May, Wu has been sentenced to 18 years in prison for fundraising fraud and embezzlement. Wu will also have his $1.7 billion worth of
asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can ...
s seized.


Personal life

He was married to Zhuo Ran, the granddaughter of
Deng Xiaoping Deng Xiaoping (22 August 1904 – 19 February 1997) was a Chinese revolutionary leader, military commander and statesman who served as the paramount leader of the People's Republic of China (PRC) from December 1978 to November 1989. After CCP ...
, the former Chinese paramount leader, until their separation in 2015.


References

{{DEFAULTSORT:Wu, Xiaohui 1966 births Living people Former billionaires Businesspeople from Wenzhou Anbang people 20th-century Chinese businesspeople 21st-century Chinese businesspeople