Chinese regulators have appointed CICC and UBS as advisers as they move to consolidate their hold on Anbang Insurance and to begin to unwind its investments, according to people with direct knowledge of the matter.
The conglomerate’s founder, Wu Xiaohui, was sentenced to 18 years in jail on fraud and embezzlement charges. Mr Wu is expected to appeal his sentence, these people said.
Before his arrest, Anbang controlled 58 companies directly or indirectly with Rmb2tn ($318bn) in assets, according to estimates from UBS. As well as New York hotels, its holdings included rescue financings of European financial institutions, control of a South Korean insurer and substantial equity stakes in about 20 listed companies in China.
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