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

Mid-Vancouver Island air quality risk very high

Residents of the mid-Island area went to bed last night and awoke… Continue reading

Rogers ‘enhances’ wireless in Qualicum Beach

Announcement part of a multi-year national network plan

‘Beauty amongst such tragedy:’ B.C. photographer captures nature’s trifecta

David Luggi’s photo from a beach in Fraser Lake shows Shovel Lake wildfire, Big Dipper and an aurora

Blue Tie Campaign set to tee off Aug. 25

Annual event is fundraiser for the Island Prostate Centre

Vancouver Island woman to attempt historic swim across Juan de Fuca Strait today

Ultra-marathon swimmer Susan Simmons to attempt to swim from Victoria to Port Angeles and back

Mother charged with homicide of Langley seven-year-old

Aaliyah Rosa’s 36-year-old mother charged with second degree murder: IHIT

Despite threats, Soldiers of Odin a no show at B.C. tent city

Nanaimo’s Discontent City held a counter rally on Sunday

Trudeau formally announces he’ll run again in 2019

PM Justin Trudeau gears up to run in next year’s election

Smoke from B.C. wildfires prompts air quality advisories across Western Canada

A massive cloud of smoke hangs over B.C. and Alberta due to wildfires

Pope on sex abuse: “We showed no care for the little ones”

In response to the Pennsylvania report, Francis labeled the misconduct “crimes”

Ottawa announces $189M to extend employment insurance for seasonal workers

The pilot project provides seasonal workers with up to five more weeks of benefits

Trump rages on Mueller following Times report

Trump takes to Twitter calling Robert Mueller “disgraced and discredited”

BC Wildfire crew rescues lost puppies

They were just leaving the Monashee Complex of fires when they found the cutest creatures.

Most Read