17 December 2017
AsiaNews.it Twitter AsiaNews.it Facebook
Geographic areas

  • > Africa
  • > Central Asia
  • > Europe
  • > Middle East
  • > Nord America
  • > North Asia
  • > South Asia
  • > South East Asia
  • > South West Asia
  • > Sud America
  • > East Asia

  • » 06/16/2017, 18.45


    Wu Xiaohui, the latest billionaire victim of Beijing’s anti-graft campaign

    Over the past few months, more than 40 officials and executives have been detained as part of a vast operation to end collusion between regulators, family members of the ruling elite and tycoons. The authorities “need to ensure stability ahead of the 19th National Congress,” said Zhuang Deshui, of Peking University.

    Beijing (AsiaNews/Agencies) – Wu Xiaohui, chairman and chief executive of Anbang Insurance Group, is reportedly the latest tycoon to be detained as part of the anti-graft drive against collusion between China’s financial sector and political elites.

    After some media reported on Tuesday that Mr Wu was in custody due to an ongoing investigation, Anbang, one of China's leading foreign investors, issued a press release saying that he could not perform his duties "for personal reasons".

    Wu is the latest figure under investigation in a financial industry crackdown which began after a stock market rout in the summer of 2015 that wiped trillions of yuan from the portfolios of small investors – costing Beijing hundreds of billions of yuan in a bailout.

    The investigation that led to Wu's "disappearance" is part of an extensive operation seeking to stem collusion among senior regulators, family members of the ruling elite and tycoons.

    More than 40 top financial regulatory officials and executives have come under investigation, including several senior officials from the banking, insurance and securities regulators, under President Xi Jinping’s anti-corruption campaign.

    “Senior executives in China’s financial sector usually have powerful [political] backers. The anti-graft campaign in this sector is not only about corruption – it also aims to reduce interference by these backers,” said Zhuang Deshui, deputy director of Peking University’s Clean Government Centre.

    “[The authorities] need to ensure stability ahead of the 19th National Congress. Tackling the Anbang case could pave the way for this type of work after the congress,” Zhuang said.

    “There will be’” he added, “a power reshuffle after the congress, which will provide better conditions for the financial sector’s anti-graft campaign.”

    In China, Wu Xiaohui is known for his ties with the country's most powerful families. His wife is the granddaughter of the country’s late paramount leader, Deng Xiaoping.

    Anbang is also partly owned by Chen Xiaolu, a son of Chen Yi, a founding father of the People’s Republic.

    The company morphed from a no-name property insurer into one of the biggest players in the country’s insurance market, with a 5.3 per cent share of the mainland’s total insurance premiums last year.

    For many analysts, Wu’s rapid rise and dramatic fall are a product of the murky intersection of business and politics.

    Like Xiao Jianhua, another tycoon taken away this year to help with investigations on the mainland, Wu is a member of the nouveaux riches who amassed huge wealth by taking advantage of ties with those in power.

    e-mail this to a friend Printable version

    See also

    10/10/2009 PHILIPPINES
    Against poverty, bags made of rags and waste
    Over 300 women of Payatas dump find jobs with the help of young Catholics graduates.

    01/08/2016 14:45:00 INDIA
    Andhra Pradesh, Maoists torture and kill a Protestant pastor

    Pastor Yohan Maraiah was dragged from his home and taken by force into the forest. His body was dumped near the village, with his hands tied behind his back. The Maoists repeatedly stabbed him and shot him. The rebels claim he was murdered for having "accumulated wealth", but the pastor served the poorest of the village.

    25/06/2009 TIBET – CHINA
    Chinese mining causing environmental disasters in Tibet
    Tibetan groups slam indiscriminate Chinese mining. The development of Tibet’s mineral riches is undermining its fragile environment and polluting water sources on which 47 per cent of humanity depends.

    16/06/2006 CHINA – EGYPT
    Egypt first stop in Wen Jiabao's new trip to Africa
    Trip includes six other mineral-rich countries. Behind the diplomacy lies the quest for raw materials and markets for Chinese products.

    Editor's choices

    Mideast Christians against Trump over Jerusalem capital, a decision that destroys hope for peace

    The Chaldean patriarchate criticises a choice that complicates the situation and fuels conflicts and wars. Card al-Rahi calls the decision “destructive” and a violation of international resolutions. Coptic pope Tawadros II cancels a meeting with US Vice President Pence. Somewhat resigned, Palestinians continue their protest. For Israeli peace group, the US has abdicated its role of mediator in the region.

    Xi Jinping’s false promises and the expulsion of the “low-end population” from Beijing

    Willy Wo-Lap Lam

    Tens of thousands of migrants and their families have been expelled and sent away from the capital. Yet, at the recent Party Congress, President Xi had promised to provide support and help against poverty. There is no reward nor legal or charity for displaced persons. The country’s "social Darwinism" condemns the rural people to marginalisation and allows urban classes to enjoy privileges and advantages. Courtesy of the Jamestown Foundation.


    AsiaNews monthly magazine (in Italian) is free.


    News feed

    Canale RSScanale RSS 

    Add to Google


    IRAN 2016 Banner

    2003 © All rights reserved - AsiaNews C.F. e P.Iva: 00889190153 - GLACOM®