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Wednesday, March 10, 2010
Taiwan Minister Says No Chinese Money Behind Nan Shan Buyer
By Perris Lee Choon Siong and Jessie Ho
Dow Jones Newswires
TAIPEI -(Dow Jones)- The Hong Kong consortium that won the bid for Taiwan's Nan Shan Life Insurance Co. has submitted documents showing the deal isn't backed by money from mainland China, Taiwan Minister of Economic Affairs Yen-Shiang Shih told lawmakers Thursday.
China Strategic Holdings Ltd. (0235.HK) and Primus Financial Holdings Ltd. (PRIM.YY) acquired Nan Shan from American International Group Inc. (AIG) for US$2.15 billion in October, but they have been awaiting regulatory approval from Taiwan while the government reviewed the deal.
The review was complicated by a November agreement under which China Strategic planned to sell a 30% stake in Nan Shan to Chinatrust Financial Holding Co. (2891.TW) in exchange for a nearly 10% stake in Chinatrust.
The Financial Supervisory Commission, the economic ministry and the Investment Commission are briefing the legislature's economic and finance committee on their review of the application.
Shih said the ministry, which governs the Investment Commission, will further examine the consortium's source of funding after the briefing.
Copyright © 2009 Dow Jones Newswires
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