Wu Xiaohui, former chairman of financial conglomerate Anbang Insurance Group, has been sentenced to 18 years in prison after asking for leniency at the end of his closed trial for fraud and embezzlement.
The Shanghai First Intermediate People’s Court also ordered the confiscation of Rmb10.5bn ($1.7bn )in assets from Mr Wu, according to state news agency Xinhua.
Mr Wu initially struck a defiant tone in court, denying the charges against him, but in late March relented and “expressed deep self-reflection, understanding of and regret for the crimes and expressed deep remorse for his actions”, according to an official summary from the court in Shanghai.
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