The sale of Nan Shan Life Insurance Co (南山人壽) continues to be dogged by controversy with an opposition party lawmaker issuing new allegations of government interference and under-the-table deals.
Democratic Progressive Party (DPP) Legislator Pan Men-an (潘孟安) yesterday suggested that senior government officials have been working behind the scenes to ensure the approval of a bid led by Samuel Yin (尹衍樑), whose Ruentex Group (潤泰集團) submitted a new bid to Nan Shan’s parent company, American International Group Inc (AIG).
He said that opposition lawmakers have acquired information suggesting that Yin, along with high-level AIG executives and a top executive at Nan Shan, entered into “secret talks” at the residence of a senior Taiwanese government official late last year. Yin, he said, has already received high-level endorsements.
“Not only does this incident show the second sale of Nan Shan to be filled with outside influence, but it should also be investigated by the US government on whether it violates [foreign corruption laws],” he told reporters at the legislature.
As the life insurance sector is considered to be essential to national security, the acquisition of Nan Shan by foreigners requires regulatory approval.
Authorities rejected the earlier bid by a Hong Kong consortium due to concerns over the buyer’s financial strength and long-term commitment.
Pan said that he had similar concerns about Ruentex’s bid, because Yin, he said, has had a history of controversial business practices, including several associated with arms dealers, money laundering and land disputes. He suggested that Yin was applying pressure on government officials to support his bid.
“Now he wants to acquire Nan Shan. Shouldn’t Nan Shan be terror-stricken?” Pan said of the Taiwan-based businessman.
Meanwhile, Nan Shan was penalized yesterday for discriminating against a member of its trade union who spoke out against a previous controversial sale.
The insurer failed to produce any hard evidence to show that Lan Wei-ting (藍維鼎), one of its insurance agents, had made “inappropriate remarks” that damaged the company’s reputation and resulted in company losses, the Taipei City Government’s Department of Labor said in a statement.
ADDITIONAL REPORTING BY CNA
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