The chairman of China’s hyper-acquisitive insurer Anbang is «unable to perform his duties» the announced on Tuesday, confirming Chinese media reports that he has been detained by authorities, adding to the long-running intrigue surrounding the company.
Anbang Insurance, China’s hyperacquisitive insurance rollup, which was responsible for a sizable portion of China’s merger spree between 2014 and 2016, and which has since been accused of being a money laundering vehicle, of wreaking «havoc» with the Chinese insurance market, and was a potential investor in Jared Kushner’s 666 Fifth Avenue building until the deal fell apart in March, announced that its billionaire Chairman Wu Xiaohui, is » unable to perform his duties » due to personal reasons, confirming Chinese media reports that the tycoon had recently been detained by authorities.
On Tuesday, China’s Caijing reported that Wu — whose net worth was recently estimated at over $1 billion — was taken away by Chinese authorities, citing unidentified people. The report said that officials from the China Insurance Regulatory Commission met with a small group of Anbang staff on June 10 and didn’ t provide specific reasons for Wu being taken. Curiously the report, which did not explain if Wu was assisting with a government investigation or was himself the target of a price, was later deleted from the magazine’s website.
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.
Last week, the FT reported that Wu was barred by Chinese authorities from leaving the country, however Anbang denied the report.
Xiaohui led Anbang’s rapid rise and abrupt emergence in the international business arena, where the company became known for its ambitious takeover bids. In October of 2014, Anbabg bought the Waldorf Astoria in New York for $1.
