Chinese conglomerate Anbang Insurance Group, whose former chairman and top shareholder faced trial for fraud last week, will receive a Rmb61bn ($9.7bn) capital injection from an insurance-industry rescue fund, as a transitional arrangement until the company can find new long-term investors.
The equity injection by the China Insurance Security Fund (CISF) is "based on the needs of risk disposal work for temporary, partial shareholding" of Anbang, the insurer said in a statement on Wednesday morning.
China's insurance regulator formally seized control of Anbang in late February.
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