China takes over Anbang insurance, prosecutes ex-chair

China’s insurance regulator today stated it had taken over Anbang coverage organization for a 12 months and turned into prosecuting its former chairman for “financial crimes” because the authorities stepped up its conflict towards corruption and excessive company debt.
The China coverage Regulatory commission said Anbang, which emerged from obscurity in latest years to make a number of excessive-profile overseas acquisitions, had violated coverage policies, “seriously” impairing its potential to pay back debts.