2,000 protest at AIG's Taiwan unit
Posted: 11 November 2009 1605 hrs

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TAIPEI : About 2,000 insurance agents for a local unit of American International Group protested against a proposal to sell the company's Taiwan unit to a new Hong Kong financial group.

The demonstrators, many waving placards or wearing yellow headbands, gathered outside the headquarters of Nan Shan on Wednesday, Taiwan's number two life insurer, to express fears about their pensions under the new ownership.

The protest came after AIG said last month it would sell Nan Shan to Hong Kong-based Primus Financial Holdings for 2.15 billion dollars as the struggling American giant raised money to pay off a huge US government bail-out.

Management and employees at Nan Shan have been involved in a lengthy pension row, with staff complaining they did not receive their dues, and Wednesday's protesters demanded the issue be settled before the company was sold off.

"AIG shouldn't sell Nan Shan to Primus at a time when there are still disputes between management and employees," protester Tsai Wen-hsing told AFP.

The group also voiced suspicions that Primus Financial lacked experience in the insurance business, and was merely looking for a quick profit.

The allegations have been rejected by Primus, which has promised not to change Nan Shan's brand or existing compensation and benefits packages, according to an AIG statement.

The sale to the consortium still requires approval from Taiwan's financial regulator.

- AFP /ls