Regulators in Taiwan blocked the proposed $2.15 billion sale of AIG's (AIG) Taiwan life insurance business to a Hong Kong-based consortium.

AIG struck a deal in October to sell the Nan Shan unit to China Strategic Holdings and Primus Financial Holdings, the Financial Times reported. Regulators initially accepted the deal, then requested more information from the consortium, as well as assurance from Nan Shan.

Regulators were concerned that the consortium had political connections to Beijing.

"This case failed to obtain the permission or approval of the relevant authorities in charge," said Taiwan's vice-minister of economics, Hwang Jung-chiou.

Nan Shan is Taiwan's third-largest insurer, with 4 million policyholders and 37,000 employees.


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Nicole Young

You have to be so careful with you credit card when you travel to southeast asia, especially Taiwan, has anyone had any trouble with this? Two of my friends had their credit cards stolen this year.
http://www.creditcardassist.com/blog/taiwanese-raid-nets-15-suspects-in-credit-card-cloning-operation-10976/

September 26 2011 at 6:45 AM Report abuse rate up rate down Reply