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 has 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, Shanghai People's Procuratorate announced that it had prosecuted Wu Xiaohui at Shanghai City No. 1 Intermediate Court for fraud in raising capital and encroaching on public office.

The news that Ngo Tieu Huy was prosecuted and An Bang Group was taken over immediately caused a stir because of 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 had purchased insurance from this company.

Wu Xiaohui was born in 1966, from Wenzhou, Zhejiang Province. Initially, he worked at the Bureau of Industry and Commerce, following 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, the granddaughter of Deng Xiaoping (daughter of Deng Nan, the eldest daughter of Deng Xiaoping - it is said that the two have divorced), then through relationships, established and became Chairman and General Director of Anbang Insurance Group. Ngo Tieu Huy was once listed as "10 outstanding economic figures of China in 2016".

On June 14, 2017, Anbang Group's website suddenly posted a notice that the Chairman and CEO 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 Anbang management officials had also been 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 overall business activities are basically stable, 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’s assets 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 raised by Huy and his accomplices to participate in short-selling stocks to make illegal profits…