Unlike the U.S., the Chinese take a dim view of business corruption. Their justice is swift and harsh.
Take for example, Anbang Insurance Group Co., which announced recently that Chairman Wu Xiaohui was stepping aside because he was temporarily unable to fulfill his role due to “personal reasons.”
The global insurance company, which acquired the Waldorf Astoria New York hotel in 2014, is one of the largest insurance groups in China, according to its website. A short statement from the company did not address the magazine story or indicate how long Wu might be gone.
His abrupt departure doesn’t come as a total surprise. In recent years, dozens of senior executives in China have mysteriously vanished.
Most are believed to have been caught up in an aggressive anti-corruption campaign that has targeted financial industry executives, government officials and the heads of state-owned companies.
In many cases, the disappeared have returned. In others, they have turned up in custody or were found dead.
Americans could learn a thing or two from the Chinese.
Source: LA Times