AIG Nan Shan deal still in the dark
Taiwan’s foreign investment regulator reportedly is still facing discussions in parliament over the now-controversial $2.2 billion sale by American Insurance Group (AIG) of its local Nan Shan Insurance subsidiary to China Strategic and Primus Financial.
In October last year, the buying consortium reached an agreement to buy the highly-regarded asset. However, Taiwan's Investment Commission did not immediately approve the deal due to concerns over possible PRC mainland-sourced funding of some of the bidders. At the time, Robert Morse, chairman and CEO of Hong Kong-based Primus and previously one of Citigroup's top investment banking professionals in Asia, sought to assuage these concerns. The Investment Commission is now due to set up a special session with the Legislative Yuan in March, but has reportedly already said that it questions whether China Strategic is an appropriate investor for Nan Shan.
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