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

Living life to the fullest with Alzheimer’s – an Okanagan couple’s story

Stella Adams and Willi Brombach are making their way through the uncharted waters of Alzheimer’s

Confused about breathalyzer rules? Penticton RCMP clarify

New federal impaired driving laws spark confusion, concern about breathalyzer administration

Penticton women celebrate 101 birthdays

Martha Sandy and Dorothy Gorner are both 101 years old this year

Business case for new Penticton arena being updated

New twin-sheet arena still years away

Chief Clarence Louie earns induction to Canadian Business Hall of Fame

Osoyoos Indian Band chief recognized as one of the country’s most distinguished business leaders

First Nation supporters march to Horgan’s MLA office

Dozens marched across the Greater Victoria community of Langford to support the Wet’suwet’en people

Canucks rookie Elias Pettersson ‘feeling good’ after knee injury

Pettersson said he wasn’t feeling any pain during Wednesday’s skate

Ratfish generates social media buzz on Vancouver Island

Boneless, glowing creature a common bycatch, but it usually stays in deep waters – fish expert

UPDATE: Liberal bows out of byelection after singling out Jagmeet Singh’s race

Karen Wang says she made comments online that referenced Singh’s cultural background

Daredevil changes game plan to jump broken White Rock pier

Brooke Colby tells council daredevil event would help boost waterfront business

B.C. storm totals $37M in insured damages

The December storm wreaked havoc on B.C.’s south coast

Pregnant B.C. firefighter tries to save own house that caught fire

Julia Flinton and Anthony Sellars both worked on the 2017 wildfires

Theresa May wins no-confidence vote after Brexit deal rejection

UK PM can keep her job, after House of Commons voted 325-306

Most Read