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

VIDEO: Hundreds of volunteers collect, wrap toys in Surrey at Sikh elementary school

Guru Nanak Free Kitchen, Sikh Academy partner together on annual toy drive

Road safety plan in the works for Surrey

Council to consider hosting ‘Vision Zero’ summit in new year

City of Surrey looks to reduce building permit wait times

Staff targeting a 10-week average processing time

Surrey considers 75% discount on senior rec passes, drop-in admission

Council to vote Monday on proposal to deeply discount rates for residents over 70

‘A promise is a promise’: Cloverdale lantern festival opens, two months late

After months of delays due to permit issues and uncooperative weather, Art of Lights finally opens

MAP: Christmas light displays in Surrey, Langley and beyond

Send us pictures of your National Lampoon-style lit-up homes, nativity scenes or North Pole playlands

Boeser has 2 points as Canucks ground Flyers 5-1

WATCH: Vancouver has little trouble with slumping Philly side

Man dies after falling from B.C. bridge

Intoxicated man climbed railing, lost his balance and fell into the water below

Hundreds attend Hells Angels funeral in Maple Ridge

Body of Chad John Wilson found last month face-down under the Golden Ears Bridge.

B.C. animation team the ‘heart’ of new ‘Spider-Man: Into the Spider-Verse’

The animators, largely based in Vancouver, ultimately came up with a creative technique that is drawing praise

Light at the end of the tunnel for UN climate talks

Meeting in Katowice was meant to finalize how countries report their emissions of greenhouses gases

Gas prices to climb 11 cents overnight in Lower Mainland

Hike of 17 cents in less than 48 hours due to unexpected shutdown of Washington state pipeline

Janet Jackson, Def Leppard, Nicks join Rock Hall of Fame

Radiohead, the Cure, Roxy Music and the Zombies will also be ushered in at the 34th induction ceremony

Supreme Court affirms privacy rights for Canadians who share a computer

Section 8 of the Charter of Rights and Freedoms protects Canadians against unreasonable search and seizure

Most Read