Founder of Chinese company behind 21 B.C. seniors’ homes gets 18 years for fraud

Wu Xiaohui, former chairman of Anbang Insurance Group, was sentenced in Shanghai court

The founder of a Chinese company that was once the largest provider of retirement and care homes in B.C. has been sentenced to 18 years in prison after pleading guilty to fraud, according to state media.

Wu Xiaohui, the former chairman for Anbang Insurance Group, received his sentence in Shanghai Municipal No. 1 Intermediate People’s Court on Thursday. He had pleaded guilty to fundraising fraud and embezzlement of corporate funds.

Wu also had 10.5 billion yuan, or US$1.6 billion, seized.

State media reported the court found Wu had concealed his shareholder status, and had controlled the Anbang Property and Casualty Insurance Co., and the Anbang Insurance Group through several companies under his control.

In B.C., the Anbang Insurance Group controlled 21 retirement and care homes, as well as two in Alberta, through subsidiary Retirement Concepts from 2017 until the beginning of 2018.

The Canadian government approved Anbang’s purchase in February 2017, despite scrutiny by B.C.’s union representing hospital workers over the insurance company’s “unsustainable” global spending.

READ MORE: Union pleas for province to act on nursing home takeover by Chinese government

The Chinese Insurance Regulatory Commission seized control of the care homes last February because of the fraud charges.

Senior living communities in B.C. under the Retirement Concepts umbrella include:

Vancouver Island:

Beacon Hill Villa, in Victoria

Selkirk Seniors Village, in Victoria

The Wellesley, in Victoria

Comox Valley Seniors Village, in Courtenay

Casa Loma Retirement Village, in Courtenay

Nanaimo Seniors Village

Stanford Seniors Village, in Parksville

Lower Mainland:

Auburn Seniors Residence, in Chilliwack

Dufferin Care Centre, in Coquitlam

Guildford Seniors Village, in Surrey

Langley Seniors Village

Maple Ridge Seniors Village

Peace Portal Seniors Village, in White Rock

Renfrew Care Centre, in Vancouver

Rosemary Heights Seniors Village, in Surrey

Waverly Seniors Village, in Chilliwack

White Rock Seniors Village

BC Interior:

Kamloops Seniors Village

Williams Lake Seniors Village

Summerland Seniors Village


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Salmon Arm athletes hit the track in Cowichan 2018 BC Games

Results from day one with Thompson-Okanagan team are in

Taxi collides with parked dump truck in Salmon Arm

No word yet on the cause or if charges will be laid

Okanagan Wildfires: An evening update on wildfires and evacuations

A Saturday evening look at the major wildfires impacting the Okanagan and Similkameen.

Racers wanted for Shuswap soap box derby

Salmon Arm 10-year-old Brody Paton is making preparations for annual Friendship Day event

Melodic summer evenings live on in the Shuswap

WOW has grown from a small gathering to a weekly festival that attracts from 500 to 1,000 people

BC Games: Day 2 comes to an end

Hundreds of medals have been handed out at the 2018 BC Summer Games in the Cowichan Valley

Lettter: Columnist wrong about Mexico, England

America hater, Gwynne Dyer, misrepresents and obfuscates the facts in his last… Continue reading

Letter: Roads in Shuswap’s Blind Bay being neglected

Two weeks ago we went for a drive to Notch Hill Estates.… Continue reading

Letter: Unconvinced of benefits of proportional representation

BC citizens have a very important decision coming up this fall; to… Continue reading

Update: Mount Eneas wildfire holds at 1,374 hectares

Fire chief Dennis Craig said wind was blowing the fire away from homes

Invasive species can be a matter of perspective

Column: Great Outdoors/James Murray

Car thief nabbed by Mounties on wildfire duty

RCMP working wildfires deploy spike belt to nab alleged auto thief from Oliver.

From the Archives: Fish foiled despite fantastic fight

1908 – On June 30, the day the school closed for the… Continue reading

Most Read