China’s insurance regulator said on Friday it will take control of Chinese conglomerate Anbang Insurance Group and that the company’s chairman will be prosecuted for alleged economic crimes.

中国保险监管机构周五表示，它将接管中国多元化企业集团安邦保险集团(Anbang Insurance Group)。安邦董事长吴小晖将因因涉嫌经济犯罪而被起诉。

The China Insurance Regulatory Commission said it will take control of the insurance group - which gained international prominence with its $2bn purchase of New York’s Waldorf Astoria and a $6.5bn hotel portfolio purchased from Blackstone Group - for a year from February 23, according to a notice issued on its website on Friday.

中国保监会(CIRC)在周五发布在其网站上的一份通知中表示，从2018年2月23日起，它将对安邦集团实施接管，接管期限一年。以近20亿美元收购纽约华尔道夫酒店(Waldorf Astoria)和以65亿美元购买黑石集团(Blackstone Group)旗下酒店组合，曾为安邦赢得巨大的国际声誉。

Anbang’s chairman, Wu Xiaohui, was detained in June and the company’s life insurance unit was banned in May from selling new products for three months.

去年6月，安邦董事长吴小晖被带走。去年5月，安邦的寿险部门被禁止销售新产品，时间为3个月。