In June, Anbang said its chairman, Wu Xiaohui, was no longer able to fulfill his duties. The China Insurance Regulatory Commission said in an online statement Friday that Wu has been charged with fundraising fraud and embezzlement.
“Anbang was probably taken out in a really public manner to set an example for others to step back a little bit,” said Adams Lee, an international trade lawyer at Harris Sliwoski. He’s watching to see if this is an isolated case, or if another Chinese company gets hit in another two to three months.