June 15 07:56
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- Anbang’s Woes Deepen as Banks Told to Halt Dealings With Insurer
Anbang Insurance Group, whose chairman has been detained amid a police investigation, faces an added challenge as authorities asked banks to suspend business dealings with the insurer, Bloomberg reported Thursday, citing a person with knowledge of the matter.
That directive came as investigators began a wide-ranging probe into Anbang’s operations and detained Chairman Wu Xiaohui, said the person, who asked not to be named discussing private information.
Separately, at least six large Chinese banks have already stopped selling Anbang policies at their branch networks, according to people with knowledge of their operations.
Chinese investigators are looking into the sources of funding for the company’s overseas acquisitions as well as “economic crimes,” people with knowledge of the matter told Bloomberg separately on Thursday.