Taiwan to try for AIG unit sale review this month-source

TAIPEI, May 10 (BestGrowthStock) – Taiwan’s top financial regulator
is still trying to complete a review of the $2.2 billion sale of
AIG’s (AIG.N: ) Nan Shan unit this month, even if the buyers have
not offered requested documents, a source with direct knowledge
of the situation said on Monday.

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 buyers told us they will provide everything we’ve asked
for in the next two days,” said the source at the Financial
Supervisory Commission (FSC), the island’s top financial
regulator.

“It’s going to be a big rush to finish the reviewing, but we
are still trying to make it and turn it over to the Investment
Commission by the mid-May deadline,” said the source, who asked
for anonymity due to the sensitive nature of the matter.

An official from the Investment Commission, which oversees
inbound investment and which will have the final say on the deal,
said in April that the sale could face further delays as the
buyers have yet to provide some requested information.
[ID:nTOE63T04U]

The commission was originally slated to make a decision in
mid-May, after input from the FSC.

The buyers have their own deadline of mid-June by which to
complete the transaction for Taiwan’s third-largest life insurer,
which AIG is selling as it restructures at home.

Money

Taiwan to try for AIG unit sale review this month-source