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Chinese insurance Chairman Wu Xiaohui arrested in anti-graft sweep
Published on: 2017-06-16
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070On 8th of June, a Chinese business tycoon whose company owns New York's Waldorf Astoria hotel was detained in China by authorities who are investigating corruption and trying to curb risky financial behavior.

072Wu Xiaohui, Chairman of Anbang Insurance, led a group making an unsolicited $12.8 billion offer for Starwood Hotels & Resorts on 2016 that finally was acquired by Marriott International. He transformed Anbang Insurance Group from a provincial auto insurer into a global deal maker, was detained by a special investigative unit looking at economic crimes. The probe centers on whether he was involved in bribery and other economic crimes at Anbang. Politically connected tycoons such as Mr Wu, who has been married to a granddaughter of former leader Deng Xiaoping, have become a focus for China's leaders.

The investigation has been under way for months but is still in its early stages, and doesn't mean that charges will be brought, sources say. Mr Wu isn't the first prominent Chinese financier to drop from sight. Tomorrow Group's Xiao Jianhua has been missing since January. Hong Kong police and his businesses say he crossed the border into mainland China and hasn't been heard from since. His businesses say they have no information about him.

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