Ex-boss of China's Anbang Insurance pleads for leniency in trial for economic crimes

Record ID: 1962464

  • Title: Ex-boss of China's Anbang Insurance pleads for leniency in trial for economic crimes
  • Date: 29th March 2018
  • Summary: SHANGHAI, CHINA (MARCH 28, 2018) (ORIGINALLY 4:3) (CCTV - Broadcasters: NO ACCESS CHINA Digital: NO ACCESS CHINA) FORMER CHAIRMAN OF CHINA'S ANBANG INSURANCE GROUP CO. LTD., WU XIAOHUI, STANDING AT COURT UNDER POLICE ESCORT COURT IN SESSION SIGN READING (Chinese): "CHIEF JUDGE" VARIOUS OF JUDGES AUDIENCE SITTING PROSECUTOR READING STATEMENT PROSECUTORS SITTING VARIOUS OF COURT IN SESSION AUDIENCE SITTING COURT IN SESSION (SOUNDBITE) (Mandarin) FORMER CHAIRMAN OF CHINA'S ANBANG INSURANCE GROUP CO LTD, WU XIAOHUI, SAYING: (SOUNDBITE PARTIALLY OVERLAID WITH SHOT 12) "I sincerely confess, admit the crime and regret of the crime. Again I request leniency from the court and other relevant parties." VARIOUS OF AUDIENCE SITTING WU SPEAKING AT COURT AUDIENCE SITTING
  • Embargoed:
  • Keywords: Anbang China Wu Xiaohui court insurance trial
  • Location: SHANGHAI, CHINA
  • City: SHANGHAI, CHINA
  • Country: China
  • Topics: Economic Events
  • Reuters ID: LVA001891M7IL
  • Aspect Ratio: 16:9
  • Story Text: The former chairman of China's Anbang Insurance Group Co. Ltd. requested leniency at the end of his high-profile trial in Shanghai for alleged economic crimes, including fraud and embezzlement involving more than $10 billion, according to court statements.
    Wu Xiaohui had contested the charges against him at the Shanghai No.1 Intermediate People's Court during the proceedings on Wednesday (March 28) but in a closing statement appeared to reverse course, saying he understood and regretted the crimes, the court said on an official social media feed.
    The one-day trial came a month after the government seized control of Anbang, owner of New York's Waldorf Astoria hotel, capping the company's precipitous downfall amid Beijing's crackdown on financial risk.
    The court said it would issue a verdict at an unspecified later date.
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