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Chinese billionaire who sought deal with Jared Kushner 'taken away'

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Agence France Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2017/overseas/06/14/chinese.jpg"/><figcaption><div class="embed-desc">Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China March 18, 2017.<cite> Reuters</cite></div></figcaption></figure></div><p>BEIJING, China - The chairman of a Chinese insurance group that sought a business deal with the family of US President Donald Trump&#x27;s son-in-law has stepped aside following a report that he was taken away by authorities.</p><p>Officials from the China Insurance Regulatory Commission notified Anbang that Wu Xiaohui was &quot;taken away&quot; on Friday, but they did not explain why, according to Caijing, a Chinese magazine.</p><p>Caijing&#x27;s report appeared online on Tuesday but it has since been taken down. </p><p>Anbang said in a statement on Wednesday that Wu is &quot;temporarily unable to perform his duties for personal reasons&quot;, but the company did not mention his apparent detention.</p><p>Phone calls to the regulatory commission went unanswered on Wednesday.</p><p>The report comes as Chinese authorities are engaged in a battle against corruption in their ranks and in the business world.</p><p>Financial regulators are also scrambling to ease fears of a looming debt crisis with measures to rein in risky lending and acquisitions in real estate.</p><p>Official heads have rolled too, including China&#x27;s insurance regulator Xiang Junbo, who was sacked in April and faces an investigation. His tenure coincided with a surge in speculative investments by Chinese insurers.</p><p>Caijing, citing an unidentified source in the financial world, said regulators may be investigating Anbang&#x27;s compliance with insurance products or insurance fund investments.</p><p>Anbang held controversial negotiations with the company owned by Trump&#x27;s White House adviser and son-in-law, Jared Kushner, for an investment in an office tower on New York&#x27;s famous Fifth Avenue.</p><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2017/overseas/05/28/jared-kushner-2017.jpg"/><figcaption><div class="embed-desc">White House special adviser Jared Kushner, son-in-law of President Donald Trump, boasts an enormous portfolio of domestic and international responsibilities despite having no experience in politics before the 2016 campaign.<cite> Thomas Coex, AFP</cite></div></figcaption></figure></div><p>But the talks broke off in March after critics of the Trump administration warned of a potential conflict of interest.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/overseas/03/15/17/chinas-anbang-denies-deal-with-trump-son-in-law-kushner">China&#x27;s Anbang denies deal with Trump son-in-law Kushner</a></li></ul><p>Established just 13 years ago, Anbang has grown from a domestic seller of property insurance into a financial services powerhouse, making a name for itself abroad by buying New York&#x27;s historic Waldorf Astoria hotel for a record $1.95 billion in 2014.</p><p>But in April US insurer Fidelity &amp; Guaranty Life turned down a $1.6 billion acquisition bid by Anbang.</p><p>While Wu has stepped down, Anbang said in its statement that business continues &quot;as usual&quot;.</p><div><strong>bur-lth/amj/sls </strong></div><div><strong>© Agence France-Presse</strong></div>

<p>BEIJING, China - The chairman of a Chinese insurance group that sought a business deal with the family of US President Donald Trump's son-in-law has stepped aside following a report that he was taken away by authorities.</p>

BEIJING, China - The chairman of a Chinese insurance group that sought a business deal with the family of US President Donald Trump's son-in-law has stepped aside following a report that he was taken away by authorities.