Prosecutors say the founder of the Chinese insurer that owns New York City’s Waldorf Hotel is on trial on charges of financial misconduct.
The Shanghai prosecutor’s office said Wednesday that Wu Xiaohui of privately owned Anbang Insurance Group was accused of illegal fundraising, fraud and embezzlement.
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Wu was detained last year and regulators seized control of Anbang in February after a multibillion-dollar global buying spree prompted questions about where the company got its money and whether it could pay its debts.
Anbang discussed possibly investing in a Manhattan skyscraper owned by the family of U.S. President Donald Trump’s son-in-law and adviser, Jared Kushner, but those talks ended last year with no deal.
