Former Anbang boss appeals fraud conviction

Former Anbang boss appeals fraud conviction | Insurance Business

Former Anbang boss appeals fraud conviction

The former chairman of Anbang Insurance Group, Wu Xiaohui, has submitted an appeal for his conviction for fraud and embezzlement, his lawyer has revealed.

Wu was sentenced by a Shanghai court to 18 years in prison earlier this month after he was found guilty of issuing falsified information to regulators and misappropriating insurance premiums for personal purposes. Around RMB10.5 billion (US$1.6 billion) of his assets were confiscated by the court as part of the penalty.

Wu initially denied the charges, but later changed his tone and requested leniency from the court.

According to a report by the Financial Times, Chen Youxi, chairman of Capital Equity Legal Group, posted about the appeal on his Sina Weibo microblog account on Wednesday. Chen did not divulge any further details.

Appealing criminal convictions rarely succeed in China, the report added, but there have been instances in which the courts have lowered sentences following a motion.

 

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