YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
China's Insurance Regulatory Commission took over Anbang Insurance Group Co. on Friday.
Regulators said the move is necessary to avoid collapse of the firm following suspected illegal activity. Its former chairman, Wu Xiaohui, was indicted on fraudulent fundraising and abusing his position.
Among Anbang's holdings is the iconic Waldorf Astoria hotel in New York City.
Read more from Dow Jones Newswires.
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