The chairman of acquisitive Chinese insurer Anbang is “unable to perform his duties”, the company said late on Tuesday, in a confirmation of Chinese media reports that he has been detained by authorities.
Businessman Wu Xiaohui has led Anbang’s rapid rise and sudden emergence in the international business world, where the company became known for its ambitious merger bids.
But he has also tangled with local regulators for his company’s risky reliance on life insurance policies to raise funds as well as an opaque corporate structure.
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