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What is Going on at Anbang, as Former Chair is Prosecuted?

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Wu Xiaohui, former chairman of China’s now government-controlled Anbang Insurance Group Co., has pled guilty and requested leniency from Shanghai’s No.1 Intermediate People’s Court for allegedly defrauding investors of some US$ 10.3 billion using forged financial records and corporate data to mislead the country’s insurance regulators and oversell its products to the public, crimes he now says he regrets. Wu’s trial, which began and ended over the course of a single day, is his first appearance in public since his detainment by police last June.

The insurance tycoon’s plea, posted late March 28, 2018 on the court’s official Weibo account, is an about-face from proceedings earlier that same day, in which Wu suggested he would fight the charges. A date has not yet been set for his verdict. Should he be convicted – and those who find themselves facing prosecutors in China almost always are – Wu could face a lifetime in prison. On April 2, 2018, it was reported by various media that Chinese prosecutors believed Wu did not deserve leniency and that he threatened national financial security. What kind of impact that would have on his embattled company’s already precarious financial position remains to be seen.

The Anbang Insurance Portfolio

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OTPP Anticipates Money from Cushman Wakefield IPO

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The Ontario Teachers’ Pension Plan (OTPP) participated with TPG and PAG Asia on the buyout of DTZ a while back. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Tom Gores Wants Some Credit Game

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Traditional buyout firms are looking at building credit platforms to enhance revenue. Recently, Platinum Equity, a buyout firm run by Tom Gores that was formed in 1995, hired Michael Fabiano to help spur the formation of a credit investing division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi Arabian Military Industries Forms Venture with Navantia

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State-owned Saudi Arabian Military Industries (SAMI) signed a deal with Navantia, a Spanish state-owned shipbuilding company, to form a joint venture to construct five warships – the building of five Avante 2200 Corvettes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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