The Hong Kong consortium that intends to buy Nan Shan Insurance Life Co (南山人壽) recently submitted requested information to the Ministry of Economic Affairs (MOEA) for review, officials said yesterday.
The ministry had requested that the Hong Kong consortium — comprising Primus Financial Holdings Ltd (博智金融) and China Strategic Holdings Ltd (中策集團) — supply more information to help clarify concerns on the source of its funding and the firm’s shareholding structure by the end of this month.
In October last year, the consortium announced plans to acquire Nan Shan from debt-ridden American International Group Inc for US$2.15 billion.
The planned takeover is highly controversial because of concerns of possible Chinese investment and board members’ links to the Chinese government. As a result, the consortium’s investment application was put on hold by the ministry’s Investment Commission.
The ministry said it was not possible to speculate on the outcome of the case as it has to get the green light from various government agencies, including the Financial Supervisory Commission (FSC), before it is sent back to the Investment Commission.
The FSC said yesterday that the latest submission would be the last chance for the consortium to clear up any concerns about the planned acquisition. It said previously that the consortium must prove it has the ability to run and operate Nan Shan on a long-term basis.
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