Meng said: "Even the ultra-wealthy previously backed by the CCP, like Jack Ma, Wang Jianlin of Wanda Group, Xiao Jianhua of Tomorrow Holding, and Wu Xiaohui of Anbang Insurance have all been purged, and some ended up suffering a very tragic demise.

In May 2018, Wu Xiaohui, Deng Xiaoping's grandson-in-law and founder of Anbang Group, was sentenced to 18 years in prison after being convicted of fraud and embezzlement worth more than $12 billion.

In July 2019, Wu Xiaohui, chairman of Anbang Insurance Group, was sentenced to 18 years for alleged fundraising fraud and embezzlement. Mr. Wu is the former grandson-in-law of Deng Xiaoping.

Wu Xiaohui, a Chinese tycoon known to launder funds on behalf of the Jiang faction, was sentenced to 18 years in prison for corruption and fraud in 2018.

While the investments seemed harmless, four years after the Anbang transaction the company's chairman, Wu Xiaohui, was detained by the CCP and almost overnight the Waldorf Astoria, JW Marriott Essex House, and the Four Seasons Hotel in Washington were

Its former chairman and CEO, Wu Xiaohui, was sentenced in 2018 to 18 years in prison on embezzlement and graft charges. Wu was also believed to be a “white glove” in transacting on behalf of CCP officials loyal to Jiang.

But their acquisitive nature ended abruptly in 2017, when the risky insurer-turned-asset manager Anbang—famous for its takeover of the Waldorf Astoria hotel in New York—was itself taken over by Chinese Community Party regulators and Chairman Wu Xiaohui

He named two prominent Chinese businessmen who were taken down—Xiao Jianhua, founder of Tomorrow Group, and Wu Xiaohui, ex-chairman of Anbang Insurance Group.

When the CCP no longer backed the company, chairman Wu Xiaohui was given an 18-year prison sentence, and the company was taken over by Chinese officials and eventually sold to private owners.

In such a political environment, Wu Xiaohui, founder of Anbang, was arrested in 2017. In February 2018, Anbang was taken over by the regime and renamed Dajia Insurance Group.

The CEO of Anbang Insurance Group, Wu Xiaohui, was found guilty of fraud and embezzlement, and sentenced to 18 years in prison. The founder of Tomorrow Group, Xiao Jianhua, was placed under investigation.

Anbang's former chairman, Wu Xiaohui, who masterminded the overseas deal spree including the purchase of New York's Waldorf Astoria hotel, was sentenced in May 2018 to 18 years imprisonment for fraud and embezzlement.

The company's former chairman, Wu Xiaohui, was sentenced in May 2018 to 18 years imprisonment for fraud and embezzlement. His appeal against the conviction was rejected by a Chinese court in August 2018.

The disappearance and subsequent sentencing of Wu Xiaohui, the chairman of Anbang Insurance Group, to 18 years in prison, and the execution of Lai Xiaomin, former chairman of China Huarong Asset Management, served as warnings to other entrepreneurs who

In the aftermath of the sacking of Anbang chairman Wu Xiaohui, his mother has taken to social media to expose what has become of her once wealthy son and the successful private insurance conglomerate he headed.

Founder of Tomorrow Group, Xiao Jianhua, and Wu Xiaohui, former chairman of Anbang, an insurance conglomerate, were both placed under investigation in 2017. Wu has since been sentenced to 18 years in prison for fraud and embezzlement.

Founder of Tomorrow Group, Xiao Jianhua, and Wu Xiaohui, former chairman of Anbang, an insurance conglomerate, were both placed under investigation last year. Wu has since been sentenced to 18 years in prison for fraud and embezzlement.

Anbang chairman Wu Xiaohui (The Epoch Times Archive) The source said Wu had helped the Zeng family and other members of the Jiang faction to launder money overseas.

Wu Xiaohui, former chairman of China’s largest insurance conglomerate, Anbang Insurance Group, was sentenced to 18 years in prison for fraud and embezzlement in May.

Xiaohui, Chairman of Anbang Group; and Xiao Jianhua, founder of Tomorrow Group.

Former Anbang chairman Wu Xiaohui. (Epoch Times Archive) Wu raised objections during the proceedings and claimed he did not understand the law and did not know that his behavior constituted a crime.

Xi has arrested and sentenced Wu Xiaohui, the grandson-in-law of the CCP’s patriarch Deng Xiaoping, to 18 years in prison.

Anbang Chairman Wu Xiaohui.

Annie Wu contributed to this report.

For example, Wu Xiaohui, former chairman of China’s largest insurance conglomerate, Anbang, was recently sentenced to 18 years in prison, amid the Chinese regime’s campaign to reduce financial risk and curb capital outflow.

Wu Xiaohui will also surrender 10.5 billion yuan ($1.65 billion), and his bank accounts, properties, shares, companies, and other assets have been frozen by the police, the Shanghai No.1 Intermediate People's Court said in a statement on its website on

Wu Xiaohui, former chairman of China’s largest insurance conglomerate, Anbang Insurance Group, was sentenced to 18 years in prison in May. Anbang had made several massive overseas acquisitions, including New York’s Waldorf Astoria hotel.

In the same month, Anbang’s billionaire chairman Wu Xiaohui was reported to have been detained by Beijing’s anti-corruption investigators.

In the past, because the three bodies operated separately and did not share information with each other, business tycoons like Wu Xiaohui could engage in corruption and money laundering for CCP officials, said He Qinglian.

Xiaohui was sentenced to 18 years in prison for fraud and embezzlement in May.