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Anbang denies reports of chairman's travel ban

Anbang Insurance Group Co. Ltd. said its chairman, Wu Xiaohui, is free to travel overseas, despite other sources saying he has been barred from leaving China, the Financial Times reported June 2.

Anbang has been acquiring large amounts of assets abroad, but has faced pushback from Chinese authorities who are restricting capital outflows in order to prevent shocks to its financial system.

According to "one close business associate," Wu is not able to leave the country. Another source, a senior executive in one of China's state-owned financial companies, also told the FT he had been barred from going overseas.

However, an Anbang spokesman told the newspaper that Wu was not facing such a ban.

"It's just a rumor. It's not true," he said.