The American Insurance Group, US, is badly in need to generate billions of dollars to start repaying the huge pile of debt it owes to the American government. It’s effort to sell the Asian unit failed in the last few months, and hence it is now planning to sell of the Taiwan unit for over five billion dollars.
The Taiwan Insurance regulator has rejected the bid by a Chinese company to take over the AIG-Taiwan unit on technical grounds, raising suspicion on the capability of the Chinese company to provide more funds. The Taiwan insurance regulator has asked the company to find some other suitable bidder for the company.