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Article snippet: The chairman of a Chinese financial conglomerate who tried to forge a business relationship with President Trump’s son-in-law has been detained by police. Wu Xiaohui, the chairman of Anbang Insurance Group, was taken away on Friday in Beijing, according to Caijing, a respected newsmagazine. In a statement early Wednesday morning in China, the company said that Mr. Wu was “for personal reasons no longer able to perform his duties.” Two people briefed on the matter — a company executive and a business partner of Anbang — confirmed that Mr. Wu had been detained. Mr. Wu, who piloted Anbang’s rapid rise to global prominence with splashy purchases like the Waldorf Astoria hotel in Manhattan, is the latest Chinese tycoon to be ensnared in an anti-corruption drive that has swept the country in recent years. Another of China’s wealthiest and most politically connected financiers, Xiao Jianhua, was reportedly seized from his luxury hotel in Hong Kong by Chinese police officers and taken over the border in January. He has not been seen publicly since. The detention of Mr. Wu is likely to reverberate through business circles in China and the United States. Anbang, which claims to have almost $300 billion in assets, had recently been on a worldwide buying spree, and Mr. Wu counted Wall Street executives like Stephen A. Schwarzman as among his business partners in the United States. The Caijing article said Mr. Wu was detained as part of a Chinese government investigation into... Link to the full article to read more