The Shanghai No. 1 Intermediate People’s Court today (10th) publicly pronounced the first-instance verdict on the defendant and former Anbang chairman Wu Xiaohui’s case of fund-raising fraud and job occupation, and sentenced Wu Xiaohui to 15 years’ imprisonment and deprivation of political rights for four years, and confiscated property of 9.5 billion yuan (RMB, the same below, SGD 2.005 billion); sentenced to 10 years in prison for the crime of occupational embezzlement, and confiscated property of 1 billion yuan, decided to implement 18 years in prison and deprived of political rights for four years, and 10.5 billion yuan of property was confiscated, and the illegal gains and their fruits were recovered.
According to Xinhua News Agency, after the trial, it was found that: Wu Xiaohui concealed the actual control relationship of the equity, and took control of Anbang Property Insurance Co., Ltd. (hereinafter referred to as Anbang Property Insurance Co., Ltd.), Anbang Group Co., Ltd. (Hereinafter referred to as Anbang Group), and successively served as the vice chairman of Anbang Property Insurance and the chairman and general manager of Anbang Group.
From January 2011, Wu Xiaohui used Anbang Property Insurance and other companies as financing platforms to instruct others to use false materials to defraud the original Insurance Regulatory Commission for approval and continue to sell investment insurance products.
From July 2011 to January 2017, Wu Xiaohui ordered others to use methods such as making false financial statements, disclosing false information, falsely increasing capital, fictitious solvency, concealing and concealing premium income, etc., to deceive regulatory agencies and the public in order to promise to repay the principalPaying interest and higher than the bank's deposit interest rate over the same period is a bait, and selling investment-type insurance products to the public beyond the scale approved by the original CIRC illegally absorbs huge amounts of funds.
During the period, Wu Xiaohui transferred part of the over-raised insurance premiums to more than a hundred companies under his personal actual control in a false name, and used them for personal repayment of company debts, investment operations, and capital increase to Anbang Group..
In addition, the court also found that Wu Xiaohui took advantage of his position to illegally embezzle 10 billion yuan of insurance premium funds from Anbang Property & Casualty Insurance.After the incident, the public security organs seized and froze bank accounts, real estate, equity and other assets under the name of Wu Xiaohui and related companies actually controlled by him.
The Shanghai No. 1 Intermediate People's Court held that Wu Xiaohui's actions constituted the crime of fund-raising fraud and occupational embezzlement, and should be punished for several crimes in accordance with the law.The court made the above judgment based on the defendant's criminal facts, nature, circumstances and degree of social harm.
More than 50 people, including Wu Xiaohui's relatives, journalists, and public representatives from all walks of life, attended the sentencing.
Prior to this, the Shanghai No. 1 Intermediate People's Court held a public trial of the first instance on Wu Xiaohui's case on March 28 this year.The official Weibo of the Shanghai No. 1 Intermediate People’s Court posted excerpts of the main points of the trial in sections, disclosing the main facts and evidence of the crime, the opinions of the public prosecution and the defense of the defendant and his lawyer, etc.
