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.
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:
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
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
Kamloops Seniors Village
Williams Lake Seniors Village
Summerland Seniors Village