Taiwan new regulator to stay course on AIG deal

TAIPEI, May 17 (BestGrowthStock) – Taiwan’s new top financial
regulator said on Monday he would follow the same procedures as
his predecessor over AIG’s (AIG.N: ) stalled $2.2 billion sale of
its Nan Shan unit.

In his first media conference after being sworn in on Monday,
Financial Supervisory Commission (FSC) Chairman Chen Yu-chang
declined further comment, noting only that the Nan Shan deal had
“grabbed a lot of attention in Taiwan.”

No change had been expected in FSC policy after Chen’s
appointment, which came following the elevation of his
predecessor, Sean Chen, to the post of vice-premier.

American International Group has been unable to seal the deal
it agreed in October, amid concern in Taiwan that the buyers,
battery maker China Strategic (0235.HK: ) and Hong Kong-based
investment fund Primus Financial, have received backing from
China and do not have a background in running an insurance
business.

The FSC was still trying to complete a review of the sale by
an deadline this month, even if the buyers have not offered
requested documents, a source said earlier in May.
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Money

($1=T$32)
(Reporting by Faith Hung; editing by Jonathan Standing)

Taiwan new regulator to stay course on AIG deal