China-Anbang Chairman/Trial

Anbang Group’s chairman pleads guilty during trial

  • English

Shotlist


Shanghai, China - March 28, 2018 (CCTV - No access Chinese mainland)
1. Various of trial in progress
2. Wu Xiaohui, former chairman, Anbang Insurance Group, at trial
3. Various of trial in progress; public gallery
4. SOUNDBITE (Chinese) Wu Xiaohui, former chairman, Anbang Insurance Group (partially overlaid with shot 5):
"I confess deeply. I admit my guilt and repent for the same. Again, I plea to the court and parties concerned to give me a lighter sentence."
++SHOT OVERLAYING SOUNDBITE++
5. Public gallery
++SHOT OVERLAYING SOUNDBITE++
6. Public gallery
7. Trial in progress

Storyline


Anbang Insurance Group former chairman Wu Xiaohui on Wednesday pleaded guilty for charges against fundraising fraud and embezzlement during a trial at the No. 1 Intermediate People's Court in Shanghai.

According to prosecutors, in 2011, Wu concealed his control over Anbang and made false financial statement to cheat China's insurance regulator for approvals of selling insurance products to the public in order to raise funds.

Up until Jan 5, 2017, Anbang had raised about 724 billion yuan, exceeding the approved scale and transferred some of the funds to Wu's other companies for investment, repaying debt and personal use. By the time the case was exposed, Wu had defrauded over 65 billion yuan.

The former chairman was also accused of taking advantage of his position to successively transfer 10 billion yuan of insurance premium to other industrial companies under his control and use most of the funds as private capital to raise capital for Anbang's property insurance while paying debt and interests for his other companies.

During the trial, prosecutors presented evidences of Wu's criminal facts. Wu and his defender conducted cross-examination and both sides fully stated their views.

In his final statement, Wu confessed his guilt in front of the court.

"I confess deeply. I admit my guilt and repent for the same. Again, I plea to the court and parties concerned to give me a lighter sentence," said Wu during the trial.

The sentence will be announced later.

Anbang had been one of the most aggressive investors in a wave of overseas acquisitions by Chinese firms. Founded in 2004, Anbang grew from selling car insurance into one of China's largest companies with more than 800 billion yuan worth of assets.

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  • ID : 8077067
  • Published : 2018-03-29 00:48
  • Last Modified : 2018-03-29 00:48:42
  • Location : Shanghai,China
  • Category : economy, business and finance
  • Duration : 2'19
  • Audio Language : Chinese/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 2
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