China injects US$9.7bil into Anbang

Capital injection: A file picture showing women walking by the Anbang Insurance Group office building in Beijing. China is injecting US9.7bil into the company to revamp and stabilise it. — AP

SHANGHAI: China is injecting 60.8 billion yuan (US$9.7bil) into Anbang Insurance Group Co as it attempts to contain the fallout after the company’s former chairman was accused of masterminding a multibillion dollar fraud.

The move is aimed at ensuring Anbang’s solvency and protecting policy holders’ interests, the China Insurance Regulatory Commission said Wednesday.