Chairman and CEO of Anbang Insurance Group, Wu Xiaohui, left his prestigious position without notice. The world acclaimed businessman managed to build his own empire from scratch. He took only ten years to turn a minor company into today’s global investment firm. He is maintaining a flawless professional image as he has a strong body of knowledge to organize successful transactions without the aid of investment banks. Therefore, his sudden resignation from his Anbang company is shrouded in suspicion.
Company Announced Temporary Leave for World Acclaimed Businessman Wu Xiaohui
The business world is buzzing with rumors according to which Wu Xiaohui is in Chinese detention. However, there are no documents or reports to confirm these suppositions. On top of that, his company, Anbang Insurance Group, announced on Wednesday that its Chairman took a temporary vacation from his job.
Over the past three years, the insurance company managed to put together an impressive portfolio of acquisitions worth a total of $30 billion. However, this unparalleled business success drew a lot of attention from regulatory officials at home and abroad. While many authorities questioned the origins of the large capital, the company continued its grand evolution.
As of recently, the controversial firm claimed the possession of assets worth $300 billion. Such a capital enabled the company to take on an international buying spree. Wall Street executives including Stephen A. Schwarzman became business partners.
Chinese Authorities Intend to Relieve Its Business Industry of Corruption
At the moment, China is conducting an anti-corruption investigation. Illegal business was the main cause of the financial vulnerability the country grew in recent years. The world acclaimed businessman, Wu Xiaohui, seems to have become a crucial pawn in this national investigation.
There is a pattern that has developed in recent months under mysterious circumstances. Many executives left their companies without notice for a few days only to reappear as if nothing happened. A more complex scenario involves key businesspersons missing for months without any explanations or charges being published. Wu Xiaohui fits in this latter pattern.
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