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

Truck stolen from 100 Mile and recovered

The weekly police report from the 100 Mile House area

Did you get a flu shot this season?

Weekly web poll for the 100 Mile Free Press

100 Mile House man pleads guilty to second degree murder in death of former girlfriend

Michael Martel admits to violent attack on Vesna Dumpstrey-Soos

100 Mile House Blind Curling team comes in third on home ice

Club will be going to the 2019 Western Blind Curling Association Championship in March

Combination of skiing and yoga is a hit for the 100 Mile House Nordics Club

The club offers a new program where women can night ski together and wind down with yoga

New Canada Food Guide nixes portion sizes, promotes plant-based proteins

Guide no longer lists milk and dairy products as a distinct food group

Suspended B.C. legislature officers accused of ‘flagrant overspending’

Personal trips, purchases, alcohol and more laid out in 76-page report by Plecas

Alberta youth charged over theft of $17,000 in snow equipment at B.C. ski resort

Alberta RCMP recovered $17,000 in skis/snowboards believed stolen from Fernie Alpine Resort Saturday

China demands U.S. drop Huawei extradition request with Canada

Hua said China demands that the U.S. withdraw the arrest warrant against Meng Wanzhou

Giant ice disk equipped with webcam after surviving storm

Westbrook official Tina Radel says the livestream was requested by Brown University

Ousted B.C. legislature officials say report released to further blacken their reputations

James and Lenz say release was ‘Contrary to all principles of fairness and decent treatment’

B.C. animators land Oscar nominations

‘Animal Behaviour’ by Vancouver’s David Fine and Alison Snowden among several Canadians on the short list

B.C. legislature managers accused of excessive travel, personal expense claims

Clerk Craig James, security chief Gary Lenz call allegations ‘completely false’

Auto shop apologizes after B.C. employees disrespect memorial convoy

Mr. Lube staff members suspended after incident Sunday in Nanaimo

Most Read