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Anbang founder falls by wayside without China's 'red nobility'

Wu Xiaohui among Beijing's anti-corruption targets, but crony capitalism endures

Anbang Insurance Group's headquarters in Beijing   © Reuters

BEIJING -- Despite hopes that China's recent crackdown against Anbang Insurance Group will help end cronyism in the country, the fall of the company's charismatic founder appears more a result of him losing the backing of powerful Communist Party figures.

The Chinese government seized control of the insurer in February. Founder and former Chairman Wu Xiaohui was charged last month with fraud and embezzlement, after he was detained in June 2017.

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