Wed, Jul 07, 2010 - Page 12 News List

Four Nan Shan board members barred

By Mo Yan-chih  /  STAFF REPORTER

The Taipei City Government yesterday said it had revoked the qualifications of four board members in the controversial acquisition of Nan Shan Life Insurance Co (南山人壽) by a Hong Kong-based consortium.

The city government said all new businesses in Taipei are required to complete business registration with its Commerce Office.

Huang Zi-huei (黃姿惠), a division chief at the office, said the office issued an official document to the acquisition consortium on June 18, seeking explanation of the background of four board members suspected of having China ties.

The office did not receive any response from the consortium by the Friday deadline and therefore decided to revoke the qualification of the four board members, she said.

The four board members are Raymond Or (柯清輝), Ng Wing Fai (吳榮輝), Yau Wing Yiu (邱永耀) and Richard Hui (許銳暉).

In October, the Hong Kong consortium led by Primus Financial Holdings Ltd (博智金融) and China Strategic Holdings Ltd (中策集團) announced plans to acquire Nan Shan from the debt-ridden American International Group Inc for NT$69.6 billion (US$2.15 billion).

However, the government has yet to approve the planned buyout, which is highly controversial due to board members’ ties to China in terms of the consortium’s shareholding structure and source of capital.

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