Red Ponzi Snatches A Zombie–Beijing Seizes Anbang, Prosecutes Chairman

China took over Anbang Insurance Group for a year on Friday and said its former chairman faces prosecution for “economic crimes” as the government stepped up its battle against corruption and excessive corporate debt.

The highly unusual measure appeared to signal concern about Beijing-based Anbang’s stability and comes as the government looks to address a debt crisis that has fuelled warnings of potential financial contagion in the world’s second-largest economy.