China Regulator Seizes Anbang, Chairman Faces Fraud Prosecution
China’s government seized temporary control of Anbang Insurance Group Co. and will prosecute founder Wu Xiaohui for alleged fraud, cementing the downfall of a politically connected dealmaker whose aggressive global expansion came to symbolize the financial overreach of China’s debt-laden conglomerates. The surprise move furthers President Xi Jinping’s anti-corruption and de-leveraging campaigns while providing a…

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