Chinese tycoon reportedly caught up in sweeping corruption crackdown

The chairman of an influential Chinese insurance company has stepped down after domestic media reported that he had been detained as authorities pursue a sweeping campaign against alleged corruption in the financial industry.
Wu Xiaohui, the chairman of Anbang Insurance, was “unable to perform his duties for personal reasons”, the company said.
Caijing, a respected Chinese news magazine, reported that Wu Xiaohui had been taken away by police on Friday in Beijing and that government regulators had then met the company the following day. The report was quickly deleted, highlighting the sensitivity of the case.

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