BEIJING (AP) – The Chinese insurer that owns New York City’s Waldorf Astoria Hotel said Wednesday its chairman was “unable” to do his job following a report he was detained by regulators amid accusations of possible financial misconduct.
Anbang Insurance Group Ltd. Chairman Wu Xiaohui was “temporarily unable to perform his duties due to personal reasons,” said a one-sentence statement on the company website. It said Wu had authorized other executives to do his work and gave no other details.
On Monday, the magazine Caijing reported that Wu, who founded Anbang in 2004 and built it into one of China’s biggest insurers, was detained last week by insurance regulators. Citing unidentified sources, it said authorities told the company about the detention but gave no reason.
Spokespeople for Anbang did not respond to phone calls or emails. The China Insurance Regulatory Commission did not respond to questions sent by fax.
Anbang has been under scrutiny since a multibillion-dollar global string of asset purchases, including buying the Waldorf for $2 billion, raised questions about how it was paying for its buying spree.