Deng Xiaoping's nephew-in-law prosecuted

Because Anbang Group's illegal actions are likely to seriously damage the company's compensation capacity and in order to ensure Anbang's normal operation and protect the legitimate rights and interests of insurance customers, the China Insurance Regulatory Commission decided to take over Anbang Group for a period of one year, starting from February 23, 2018.

Also on the morning of February 23, the website of Branch 1 of the Shanghai People's Procuratorate announced that it had prosecuted Wu Xiaohui at the Shanghai Intermediate Court No. 1 for fraud in raising capital and encroaching on public office.

The news of Ngo Tieu Huy being prosecuted and An Bang Group being taken over immediately caused a stir due to the information surrounding the personal background of the defendant Ngo Hieu Huy as well as the activities of An Bang Group related to tens of millions of customers across the country who have participated in insurance at this company.

Wu Xiaohui was born in 1966 in Wenzhou, Zhejiang Province. Initially, he worked at the Bureau of Industry and Commerce, under Wenzhou Mayor Liu Xiying, then turned to business, selling cars, and then joined the Shanghai Standard Investment Group of Chen Luyu, son of Marshal Chen Yi.

In 2003, Huy married Dang Trac Nhue, granddaughter of Mr. Deng Xiaoping (daughter of Mrs. Deng Nam, eldest daughter of Deng Xiaoping - there is news that the two have divorced), then through relationships established and became Chairman and General Director of An Bang Insurance Group. Ngo Tieu Huy was once on the list of "10 outstanding economic figures of China in 2016".

On June 14, 2017, Anbang Group's website suddenly posted a notice that the Chairman and General Director of Anbang Insurance Group could not assume his duties due to personal reasons. Previously, information had been spread online that Wu Xiaohui had been arrested by Beijing police, then restrained by Shanghai police, and many senior management officials of Anbang were also detained. However, this information was not officially confirmed until February 23, 2018.

An Bang is a large insurance group established in 2004 with many subsidiaries operating in property, personal, medical, asset management, and agency insurance... with more than 3,000 branches in 31 provinces, cities, and autonomous regions with more than 20 million customers and overseas asset management companies. An Bang has long been considered one of the insurance companies with the largest revenue in China, with total assets of over 1,900 billion yuan.

Up to now, An Bang's illegal business activities have not been disclosed. However, the China Insurance Regulatory Commission said that since June 2017, the Commission has sent a working group to this group to carry out inspection, supervision, and urge improvement of business management activities, so that An Bang's business activities are now basically stable overall, and the legitimate rights and interests of customers and partners are protected.

In April 2017, several media outlets reported that hundreds of billions of yuan of Huy related to the case had been seized. After Huy was arrested, all overseas investment operations were suspended, and about 100 billion yuan in the People's Bank was illegally mobilized by Huy and his accomplices, participating in short-selling stocks to make illegal profits...