Anbang Insurance's founder is accused of taking bribes and fraudulently raising ten billion dollars from investors

A review of last year's sale of Retirement Concepts to the China-based Anbang Insurance is now underway

SURREY (NEWS 1130) – BC’s health minister is closely watching what happens at the trial of a businessman linked to a major seniors’ care home chain in this province.

A review of last year’s sale of Retirement Concepts to the China-based Anbang Insurance is now underway.

The founder of that company, which also owns New York City’s Waldorf Hotel, is accused of taking bribes and fraudulently raising ten billion dollars from investors.

Wu Xiaohui was arrested last year and since then, the Chinese government has taken over all his company’s holdings — including Retirement Concepts.

Health Minister Adrian Dix says he’s been promised nothing will change for at least two more years at 20 privately-run homes.

“And they’re provided publicly-funded, longterm care, so it’s our obligation to ensure that it meets our standards and it’s certainly our intention with respect to Anbang –that’s the purpose of our review.”

Dix says the sale was approved by the federal government in February of 2017 without any objection from the BC Liberal government.

“All of the investment questions are the responsibility of the federal government, but what we believe is that we have an obligation to ensure that service meets our standards. We’re reviewing that very carefully. Tens of thousands of British Columbians in their communities are served by Retirement Concepts.”

Wu’s trial started on Wednesday in Shanghai.