The founder of the Chinese insurance company that bought New York City’s Waldorf Astoria Hotel during a global acquisition spree has been detained by regulators, a business news magazine said Tuesday, following reports of possible financial misconduct. Anbang Insurance Group Limited Chairman Wu Xiaohui was “taken away by authorities” on Friday, said Caijing, citing unidentified sources. It said officials of the insurance regulator announced the action the following day at a company meeting, but gave no details. Spokespeople for Anbang did not respond to phone calls or e-mails Tuesday evening. Anbang, founded by Wu in 2004, expanded rapidly to become one of the biggest companies in a staid Chinese insurance industry dominated by state-owned companies. The industry has faced heightened scrutiny since late last year following… Next »
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