Anbang Insurance Group secured a $9.7bn government bailout from the China Insurance Regulatory Commission. The funds, intended to keep the company afloat, where provided by the China Insurance Industry Fund. In February, Beijing took control of the struggling insurer, which owns the Waldorf Astoria hotel in New York City, for at least a year. The company funded long-term investments by selling short-term, high-yield investment products, leading to fears over its stability. Founder and Anbang’s former chairman Wu Xiaohui is currently on trial for fraud. Prosecutors in China are alleging Wu carried out a $10bn fraud that threatened national security. Wu is expected to be found guilty and could spend the rest of his life in prison.
