China Economic Review

Anbang chairman steps aside amid probe

Anbang Insurance, one of the most aggressive overseas investors, said its chairman, Wu Xiaohui, can’t perform his duty “for personal reasons,” and has delegated his authority to other executives. The company made its brief statement hours after a leading Chinese magazine reported that Wu was taken away for investigation, the South China Morning Post reports.  While Anbang’s statement didn’t respond directly to Tuesday evening’s media report, it confirmed weeks of speculation that Wu, a high-profile billionaire who married a granddaughter of former Chinese paramount leader Deng Xiaoping, has been in trouble. The Chinese language magazine Caijing reported on Tuesday that authorities had taken Wu away for investigation, citing unidentified sources, but the report was deleted hours later. Wu has been involved in a war of words with the leading magazine Caixin and its editor-in-chief, Hu Shuli, in recent weeks over whether Wu and his company, Anbang, had been involved in ­irregularities.