The chairman of Beijing-based Anbang Insurance Group has been removed from his position with the financial giant as reports swirl about him being detained by authorities due to an unspecified investigation.
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Wu Xiaohui was removed from the Anbang Office Building by police last week, the BBC reported Wednesday.
A statement from Anbang said Wu is temporarily unable to fulfill his duties due to “personal reasons.” The statement also said Wu's responsibilities will be assumed by other senior executives, and that business will be operating normally, according to Reuters.
Perhaps best-known in America for its $1.95B acquisition of New York City's Waldorf Astoria hotel and the $6.5B acquisition of Strategic Hotels & Resorts, Anbang manages $290B (1.97 trillion yuan) in assets and employs more than 30,000 people.
Wu, who is married to the granddaughter of former Chinese leader Deng Xiaoping, established Anbang as an automotive and property insurance company in 2004.
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