CISF gives Anbang capital injection

Updated 2018-04-04 15:14:02

China Insurance Security Fund, a national insurance bailout fund, has injected 60.8 billion yuan (.66 billion) of capital into Anbang Insurance Group, according to a statement from the China Banking and Insurance Regulatory Commission released Wednesday.

The regulator said it has revoked permissions for previous capital injections by some shareholders of Anbang Insurance, which involved illegal fundraising and forgery of documents.

China Insurance Security Fund is a non-governmental fund that provides bailouts for insurance policyholders and mitigates risk in the insurance industry.

The CISF's capital injection was an interim risk prevention measure that aims to improve Anbang's corporate governance and replenish its solvency capability, the regulator said.

After the capital injection, Anbang will have a total registered capital of 61.9 billion yuan.

Anbang Insurance will soon initiate the selection of strategic shareholders to introduce good-quality private capital into the company and to ensure the safe exit of CISF, according to the regulator.

The insurer said in a statement Wednesday it will actively introduce private companies with strong capital positions and prudent investment styles from sectors including elderly care, health care and internet technology to participate in the shareholding restructure.

Chinese financial regulators took control of Anbang Insurance in February, after its former chairman Wu Xiaohui was prosecuted for economic crimes. Wu stood trial in Shanghai last week on charges of fraudulently raising 65.25 billion yuan and embezzlement. No verdict was given after the trial.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 22 2018 04:48:55

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 22 2018 04:48:55

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 22 2018 04:48:55

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords