Wu Xiaohui, former chairman and CEO of Anbang Insurance Group.
China Youth Net, Beijing, May 30th Chen Youxi, chairman and director of Jingheng Law Group, posted on Weibo early this morning that Wu Xiaohui in the Anbang case refused to accept the first-instance verdict of two crimes and has filed an appeal of innocence.The Shanghai High Court has formed a second-instance collegial panel.Lawyer Li Guifang of DeHeng and lawyer Chen Youxi of Jingheng acted as Wu Xiaohui's defenders in the second trial and defended him in accordance with the law.
It is reported that on the 10th of this month, the Shanghai No. 1 Intermediate People's Court made a public judgment of the first instance on the defendant Wu Xiaohui's fund-raising fraud and occupational occupation case, and sentenced Wu Xiaohui to 15 years in prison for the crime of fund-raising fraud, deprived of political rights for four years, andRMB 9.5 billion in confiscated property; sentenced to 10 years in prison for occupational embezzlement and 1 billion yuan in confiscated property, decided to implement 18 years in prison, deprived of political rights for 4 years, and confiscated property in RMB 100 million0.5 billion, and the illegal gains and their fruits shall be recovered.
Further reading: Wu Xiaohui was sentenced to 18 years in prison and confiscated 10.5 billion property
After the trial, it was found that: the defendant Wu Xiaohui concealed the actual control relationship of the equity, and took charge of Anbang Property Insurance Co., Ltd. (hereinafter referred to as Anbang Property Insurance Co., Ltd.), Anbang Group Co., Ltd.Bang 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.
