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: Black horse signals ‘sign of peace’ for Tsilhqot’in Nation

Justin Trudeau rides black horse provided by Cooper family

Trudeau exonerates hanged war chiefs of 1864 on B.C. Tsilhqot’in title lands

Prime minister rides horseback with Chief Joe Alphonse, TNG Chairman, to Xeni Gwet’in meeting place

B.C. Legions in need of young members to continue aiding veterans into the future

Lest we forget what thousands of men and women did to fight for Canada’s freedoms – but without new membership, many Legion chapters face dwindling numbers

Rain, snowfall warnings in effect across B.C.

B.C.’s Interior set to get hit with snow while the Lower Mainland is expected to see more rain

Turn your clocks back: Daylight Saving time ends Sunday

Don’t forget to turn back your clock, change your batteries

Calgarians vote ‘no’ to bidding for 2026 Winter Games, in plebiscite

Out of 767,734 eligible voters, 304,774 voted and 171,750 said ”no.”

Canada wants free trade deal with southeast Asian nations, Trudeau says

ASEAN nations combined have nearly 650 million people, an economy of US$2.8 trillion, and are already Canada’s sixth-biggest trading partner.

Olympic and Paralympic committees disappointed, but respectful of Calgary’s vote

The majority of voters said ‘no’ to a potential Calgary bid for the 2026 Winter Olympics and Paralympic Games.

Wildfire death toll rises in California as search for missing continues

Authorities reported six more fatalities from the Northern California blaze, bringing the total number of dead so far to 48.

B.C. MLAs urge Trudeau to call byelection immediately in Burnaby-South

Four NDP provincial politicians from British Columbia are urging Prime Minister Justin Trudeau to immediately call a byelection in the federal riding of Burnaby-South.

Provincial housing boss brought home more than $350,000 in 2017-18

BC Housing develops, manages and administers a wide range of subsidized housing options

Prince Charles turns 70 with party, new family photos

Charles is due to have tea on Wednesday with a group of people who are also turning 70 this year

West Fraser to reduce sawmill production in Quesnel, Fraser Lake

The move will affect 75 employees in Quesnel, 60 in Fraser Lake

Kuhnhackl scores 2 odd goals as Isles dump Canucks 5-2

Vancouver drops second game in two nights

Most Read