Ex-Anbang Insurance chairman appeals conviction

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The former chairman of embattled Chinese insurance giant Anbang has appealed his conviction for fraud and embezzlement.

Shanghai High People’s Court has created a collegial court to review Wu Xiaohui’s appeal of his conviction on charges of embezzling about US$12 billion in funds.

Wu has been sentenced to 18 years’ imprisonment. His lawyer, Chen Youxi, is one of China’s most renowned attorneys, who has gained a high profile from defending controversial business people.

The lawyer made the announcement of the appeal on Weibo, although it was later removed.

When a newspaper contacted him to confirm the statements in his post, Chen reportedly said they were true but declined to provide further information.

Aside from the jail term, the court also ruled to seize Rmb10.5 billion (US$1.6 billion) of Wu’s personal assets following his sentence in early May.

This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.

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