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China Anbang Insurance chairman detained

Company says 'personal reasons' keeping him from fulfilling duties

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Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing on March 18.   © Reuters

SHANGHAI/HONG KONG -- Wu Xiaohui, chairman of China's Anbang Insurance Group, has been detained by the country's authorities, according to the Caijing business magazine and other local reports.

The major Chinese insurance company said in a statement on Wednesday that the chairman has been unable to fulfill his duties due to "personal reasons" days after it denied Wu had been barred from leaving China. Reports suggest that, under Wu, the company illicitly took out large bank loans and made foreign acquisitions.

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