Anbang controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile4 entries
2020
Anbang sues Mirae Asset over U.S. hotel deal
Lawsuit filed
Anbang Insurance Group filed a lawsuit against Mirae Asset Global Investments over Mirae Asset's failure to complete payment for the purchase of 15 U.S. luxury hotels. The dispute concerns the payment for the acquisition of the 15 U.S. luxury hotels, which Mirae Asset did not complete. Anbang brought the legal action in response to the incomplete payment. The event was reported on April 27, 2020.
Company response
Denial — Mirae Asset Global Investments
Mirae Asset denied the claims it was facing difficulties in raising the money, saying the deal was postponed as the seller had failed to fulfill prerequisites.
Source excerpt
According to the company, Anbang filed the case with the Delaware Chancery Court, Monday.
China's state-controlled Anbang Insurance Group has filed a lawsuit against Mirae Asset Global Investments over the Korean financial services company's failure to complete payment of $5.8 billion for its purchase of 15 luxury hotels in the United States, Mirae Asset said Tuesday.
2019
Concerns over care at Retirement Concepts facilities
Three Canadian retirement homes associated with Retirement Concepts were placed under health-authority management after reported concerns about the adequacy of care provided to residents.
2018
Regulatory takeover and criminal case
The China Insurance Regulatory Commission took control of Anbang in February 2018. Wu Xiaohui was later convicted of fraud and embezzlement and sentenced to 18 years in prison.
2017
Investigation of Anbang and detention of Wu Xiaohui
Chinese authorities detained chairman Wu Xiaohui in June 2017 while investigating Anbang’s activities. The episode brought heightened attention to the group’s ownership structure, funding arrangements, governance and rapid overseas expansion.