Former chairman of Anbang Insurance Group Wu Xiaohui has pleaded guilty to charges of economic crimes including fraud and embezzlement, Reuters reports, asking the court for leniency.
Wu, whose company was seized by the Chinese government last month amid concerns surrounding the nature of its recent expansion, said he understood and regretted his crimes.
In his closing statement, Wu “thanked the justice system for its help, education and remedy, and requested a light sentence”, adding that he “expressed deep remorse for his actions”.