Wednesday, March 31, 2010

PRC hand seen in Nan Shan bid: report

An electronic copy of a report obtained by the Taipei Times on the yet-to-be-approved sale of Nan Shan Life Insurance Co claims that the backers of the Hong Kong-based consortium led by Primus Financial Holding Ltd and China Strategic Holding may include individuals found guilty of financial irregularities as well as close relatives of senior members of the Chinese Communist Party.

The English translation of the report, which is dated March 10 and comes from the office of Democratic Progressive Party Legislator Pan Meng-an (潘孟安), also mentions risks of stock speculation and raises questions about the qualifications of major shareholders and the use of “shell” companies.

Pan's office told the Taipei Times yesterday the report drew from newspapers, magazines and investors in Hong Kong. The office confirmed the report received “government help,” but would not specify which agency or agencies were involved.

This lead front-page story was published today in the Taipei Times, and continues here. A Chinese-language version of this article appeared in Taiwan Tribune on April 30.

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