TransGlobe Life Insurance was the surprise winner in the third auction of insolvent Kuo Hua Life Insurance. The deal includes a government payout of more than NT$88 billion, igniting a fair bit of controversy from lawmakers.
In August 2009, Kuo Hua Life Insurance was brought under government receivership due to deteriorating asset value. On Tuesday, the government conducted its third auction of the company, with TransGlobe beating out Chinatrust Life Insurance and Mercuries Life Insurance to run the troubled insurer.
Chu Yun-peng
Insurance Stabilization Fund Chairman
We consider the results of the auction to be below market expectations with a final settlement price of NT$88.368 billion.
TransGlobe’s acquisition of Kuo Hua Life Insurance includes a payment of NT$88.4 billion by the government’s Insurance Guaranty Fund, setting a record for the largest government settlement for a troubled financial institution.
Lai Shyh-bao
KMT Legislator
When the (government) took over Kuo Hua, (the operating deficit) was over NT$60bn. Three years later it was around NT$75 billion, and now the treasury has to pay NT$80 billion to sell it, which is the people’s hard earned money.
Chang Sheng-ford
Finance Minister
It’s important to sell it quickly. Otherwise, it doesn’t have any revenue which could lead to even greater losses.
While the disposal of Kuo Hua to TransGlobe was surprising and not without controversy, the new owner has promised the government it will operate the life insurer for a minimum of five years.
國華人壽27日進行第三次標售，結果全球人壽以黑馬之姿，擊敗中國信託人壽和三商美邦人壽，以保險安定基金賠付883.68億元得標，賠付金額創下政府處理問題金融機構的天價紀錄，今天立委就砲轟，企業被掏空，政府越管越糟，結果竟然是全民買單。
國華人壽因財務惡化，於2009年8月被金管會接管，27日進行三度標售，全球人壽擊敗中國信託人壽和三商美邦人壽，以黑馬之姿得標。
[[保險安定基金董事長 朱雲鵬]]
“這個結果我們認為低於市場預期，也就是以新台幣883億6千8百萬標出”
為了讓全球人壽接下國華人壽這塊燙手山芋，保險安定基金必須賠付883.68億元，創下政府處理問題金融機構的最高紀錄。
[[立委賴士葆]]
“(政府)接(國華)的時候，(淨值)是負的六百多億元，三年後是負的七百五十億元，這真是天才，結果手腳很快，趕快脫手，國庫再丟八百多億元出來，這是老百姓血汗錢咧”
[[財政部長張盛和]]
“是要趕快把它賣出去，不然的話，沒有經營，它虧損就越來越多嘛”
標下國華人壽的全球人壽對金管會承諾，將長期經營至少5到7年。
文章出處 ：民視英語新聞
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