Retirement Concepts, once owned by Anbang Insurance Group, is now controlled by the Chinese government. (Black Press Media files)

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

Slocan Valley added to communities on flooding evac alert

Kootenay Lake is expected to reach flooding level in Nelson by Friday

PHOTOS: Cantering like a boss

Jacky Cooper was in Blewett this weekend to teach at the Nelson and District Riding Club

UPDATED: Hwy 3 west of Creston remains closed due to mudslide

A detour is available on the Kootenay Lake Ferry, but commuters could see wait times

COLUMN: Making a wildlife smart community

David White writes how property owners can avoid conflict with nature

Police searching for Nelson man

Brent Mickelson hasn’t been heard from since February

VIDEO: After the floods, comes the cleanup as Grand Forks rebuilds

Business owners in downtown wonder how long it will take for things to go back to normal

Teen must repay $37M for starting Oregon wildfire

A teenager who started a major wildfire in Oregon has been ordered to pay restitution

Canada’s G7 goal on development: luring private capital to poor nations

G7 finance and international development ministers convene in British Columbia next week

Congressional leaders to review information on Russia probe

Trump said he will “demand” that the Justice Department open an investigation into whether the FBI infiltrated his presidential campaign

Canadians stranded in Cuba after plane crash returning home

Montreal-based travel agency says hundreds of Canadians who were stuck in Cuba since a plane crash last week are returning home

As summit looms, North Korean media return to angry tone

North Korean media are stepping up their rhetorical attacks on South Korea and joint military exercises with the United States

Maple Leafs lose another executive after parting ways with assistant GM

The Toronto Maple Leafs say club and assistant general manager Mark Hunter have mutually agreed to part ways.

Rachel Notley to skip premiers conference to focus on pipeline deal

Kinder Morgan has ceased all non-essential spending on the Trans Mountain pipeline project until it receives assurances

B.C. tech company will power Uber Elevate

Moli and Uber announce research and development partnership.

Most Read