The futures of Tongyang and ABL, two South Korean insurers owned by China’s Anbang Insurance Group, remain unclear, after Beijing decided to hold on to Anbang for one more year.
The Chinese government seized Anbang in February 2018 as part of its industry-wide crackdown on financial risks. This led to former Anbang chairman Wu Xiaohui’s arrest and subsequent conviction for fundraising fraud and embezzlement. He was later sentenced by a Chinese court to 18 years in jail.
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