SHANGHAI (AFP) - A Chinese court sentenced the former head of troubled Anbang Insurance Group to 18 years in prison on Thursday (May 10) for fraud and corruption, Xinhua news agency said, following accusations of stealing more than US$10 billion (S$13.5 billion). Anbang Insurance chairman Wu Xiaohui had assets of $US1.65 billion ($2.2 billion) confiscated after a Shanghai court found he had defrauded China's second-largest insurance company of 65.2 billion Chinese yuan ($13 billion), and illegally misappropriated 10 billion yuan in insurance premiums.
Wu Xiaohui, head of Chinese insurance firm Anbang, is jailed for eighteen years for fraud and corruption. He is further sentenced to have 10.5 billion yuan confiscated.