Chinese company chief who tried to forge links with Jared Kushner is detained
Source: Financial Review
The chairman of a Chinese financial conglomerate who tried to forge a business relationship with President Donald Trump's son-in-law has been detained by police.
Wu Xiaohui, the chairman of Anbang Insurance Group, was taken away by the police on Friday in Beijing, according to Caijing, a respected news magazine. In a statement early on Wednesday in China, the company said that Wu was "for personal reasons no longer able to perform his duties".
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Wu boasts sterling political connections on both sides of the Pacific Ocean. He married the daughter of Deng Xiaoping, China's paramount leader in the 1980s, and in November met with Jared Kushner, Trump's son-in-law and a top adviser, in a bid to buy a stake in a Manhattan office building partly owned by Kushner's family company. The deal was eventually abandoned after media coverage that highlighted a perceived conflict of interest. Kushner's purview at the White House includes relations with China.
Anbang has taken the money it raised from Chinese savers and invested much of it abroad. Last year, Anbang spent more than $6 billion for a collection of luxury hotels across the United States. The seller of those hotels was the Blackstone Group, whose chairman and chief executive, Stephen Schwarzman, is one of Trump's closest business advisers.
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The framing question here is, has he been behaving badly by Chinese standards?" asked Derek Scissors, a resident scholar and China economist at the American Enterprise Institute. "If it's just him doing something the party doesn't like, it doesn't matter. The question is whether the whole firm has been used to do things the party doesn't like."
Read more: http://www.afr.com/news/politics/world/chinese-company-chief-who-tried-to-forge-links-with-jared-kushner-is-detained-20170613-gwqkyx
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