Anbang's former chairman on trial in $10 billion fraud case

Wu Xiaohui, former chairman of Anbang Insurance Group, the Chinese insurer that owns the Waldorf Astoria New York hotel, stood trial on Wednesday on charges of fraudulently raising $10 billion and embezzlement.

The trial concluded after nearly 10 hours at Shanghai No 1 Intermediate Court. No verdict was given.

Prosecutors charged Wu, 51, with fraudulently raising 65.25 billion yuan ($10.4 billion) and abusing his post to benefit himself, according to a live report the court released on its social media account.