Chinese Insurance Billionaire (Wu Xiaohui) Detained For A Shocking Reason
The powerful Wu Xiaohui, who did insurance-based business even with Donald Trump’s family, has now been detained by Chinese police. He is the inventor of the Anbang loans colossus and the owner of the Waldorf Astoria, the New York house of the presidents of the United States.
The reason behind the investigation was, as it happens many times, money. In fact, the billionaire had created from scratch an astonishing turnover that amounts 275 million dollars in total. The fact has ended up to lead to a legit earthquake, since such a business scandal is one of the biggest in Chinese history. Although there are still many pieces missing to the full picture of the situation, it is clear, however, we are dealing with the final regulation between the most powerful figures. It is not a causality that there is soon to be the congress which will see Xi Jinping as a leader for at least other five years.
The doubts on Wu Xiaohui’s insurance business
It is Caixin, a Chinese economy-related newspaper, who first doubted of Anbang’s business. The society, in fact, was founded by this ex-seller of used cars who built his power in the shadow of the party, thanks to this marriage as well. He actually married Zhuo Ran, niece of Deng Xiaoping, a man who opened the way to Chinese capitalism. Where does it comes the fortune of 275 million dollars from, then?
From that question Hu Shuli started her investigation on the leader of Anbang. Wu Xiaohui, from his side, accuses her to have suspect friendships, referring to the powerful Wang Qishan.
People started to worry when the billionaire didn’t respond to calls and emails. Then, some rumours talked about how he wasn’t allowed to leave the country; others claimed he had been abducted instead. None of them has been confirmed yet and, according to the Global Times, they are just rumours.
The Chinese millionaire has earned most of his money in the insurance industry. His involvement with the Trump family comes from the fact that he discussed with the President’s son-in-law and adviser of an investment in an American property of theirs. However, it ended up without a deal, and the talks ended in March.