Anbang says chairman can't perform duties 'for personal reasons'

Anbang Insurance Group on Tuesday said Chairman Wu Xiaohui has been unable to perform his duties for personal reasons, according to a statement posted on the company's official website.

The statement came after Tuesday's report by Chinese business media Caijing Magazine, saying Wu Xiaohui has been under investigation.

Chinese insurance conglomerate Anbang, established in 2004, has been behind a series of high-profile cross-border acquisitions since beginning a buying spree in 2014.

Its purchase of the landmark Waldorf Astoria Hotel in New York for 1.95 billion US dollars grabbed headlines across the world.

(CGTN)