A China businessman was sentenced to 18 years imprisonment on Thursday for fraud and embezzlement.
As reported by the South China Morning Post, Wu Xiaohui former chairman of Beijing-based insurance company Anbang Group has been charged with embezzling more than US$12 billion.
Further, assets worth 10.5 billion Yuan have also been attached to him.
Wu was earlier put on a trial in late March by Shanghai-based Intermediate People’s Court for illegally fundraising from Anbang’s insurance premier income.
The prosecutors had accused Wu of severely harming the “safety of investors’ capital” and crushing “national financial security”.
Further, an insurance regulator said in April that it will inject 60.8 billion yuan into the Anbang group to ensure its solvency.
Earlier in February, the Chinese government seized Anbang’s control in February.
The Anbang Group was founded in 2004. Wu acquired reputation of being an aggressive buyer when he acquired the Waldorf Astoria hotel in New York 2014 for almost USD2 billion. (ANI)