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A Chinese court sentenced Thursday the former head of troubled Anbang Insurance Group to 18 years in prison for fraud and other crimes, Xinhua news agency said, after a trial that accused him of stealing more than $10 billion.
Wu Xiaohui was toppled as the head of Anbang last year and China’s insurance regulator announced an unprecedented takeover of the company in February, as the government moves aggressively to prevent heavily-indebted large private companies from collapsing.