Anbang Insurance denies chairman under arrest

By Zhang Ye Source:Global Times Published: 2017/4/29 11:02:44

Anbang Insurance, one of China's major global insurance and financial services companies, on Saturday denied rumors that Chinese authorities have detained its chairman.

The company made the denial in a telephone interview with the Global Times on Saturday. 

Rumor floating on WeChat claim that Anbang Insurance Chairman and CEO Wu Xiaohui was arrested by Chinese authorities. 

There are also rumors that China Minsheng Banking Co (CMBC) loaned Anbang 100 billion yuan ($14.5 billion). 

In a statement posted on Anbang's website on Friday, the company said it has been victimized by slanderous and groundless claims on the Internet. The company said it is considering legal action.  It has likewise denied receiving a loan from CMBC.

As of Thursday,  Anbang Life had 207.8 billion yuan in cash reserves, and 322.6 billion yuan at Anbang Property Insurance, according to the statement. Anbang Insurance's spokesman also denied that the company has a liquidity shortage of more than 20 billion yuan, as media had reported.

Posted in: COMPANIES

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