China regulator to assume management of Waldorf owner Anbang

BEIJING (AP) — China's insurance regulator is to take over management of insurer Anbang, owner of New York's famed Waldorf Astoria hotel.

The move follows the indictment of the company's chairman on charges of economic crimes.

The China Insurance Regulatory Commission said it would take over operations for one year starting from Friday.

It said Wu Xiaohui's case and related alleged violations of laws and regulations raised questions about the company's solvency, creating the need for protective

Wu Xiaohui turned over his management duties to other Anbang executives in June following a report he was detained by regulators amid accusations of possible financial misconduct.

Wu founded Anbang in 2004 and built it into one of China's biggest insurers, raising questions about how it funded purchases.

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