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

Third time’s not a charm for Oak Bay thief

Police briefs: Repeat thefts, stolen scooter, walking sticks misplaced

Lawyer for Victoria homeless camp questions offer by Saanich Police

John Heaney says breaking up camp puts people at risk because it seperates them from support

Former employee at B.C.’s oldest bakery says staff got no notice of closure

Willie’s Bakery staffer didn’t receive any severance

Elderly man in hospital after struck by car in Oak Bay

The incident happened Monday evening on Cadboro Bay Road

Victoria Mayor Lisa Helps calls for audit on Johnson Street Bridge project

The bridge took three years and $40 million more than initially expected

Musicians take note at Victoria music industry conference

Rifflandia Gathering brings together emerging artists and industry professionals

EDITORIAL: Ban on plastic bags reflects new reality

The plastic bag ban Victoria introduced in July of this year is… Continue reading

B.C. RCMP turn to Const. Scarecrow to shock speeders into slowing down

New addition will watch over drivers from a Coquitlam median for first-of-its-kind pilot in Canada

Cyclists finish North America trip to highlight Ukraine struggle

The 10,000 bike ride raised over $10,000 for victims of the war in Ukraine.

21 new paramedics promised for B.C. Interior

A total of 18 new full-time paramedics will be hired for Kamloops and three are being hired for Chase.

Federal stats show slight increase in irregular migrant claims in August

113 extra people tried to cross the Canadian border last month

Work begins to remove cargo from grounded Haida Gwaii barge and fishing lodge

Westcoast Resorts’ Hippa Lodge broke from its moorings and ran aground early this month

Tilray to export cannabis formulation to U.S. for clinical trial

Marijuana remains illegal in most of the U.S.

Most Read