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Taiwan to try for AIG unit sale review this month-source


TAIPEI, May 10 (Reuters) - Taiwan's top financial regulator is still trying to complete a review of the $2.2 billion sale of AIG's Nan Shan unit this month, even if the buyers have not offered requested documents, a source with direct knowledge of the situation said on Monday. American International Group has been unable to seal the deal it agreed in October, amid concern in Taiwan that the buyers, battery maker China Strategic and Hong Kong-based investment fund Primus Financial, have received backing from China and do not have a background in running an insurance business. "The buyers told us they will provide everything we've asked for in the next two days," said the source at the Financial Supervisory Commission (FSC), the island's top financial regulator. "It's going to be a big rush to finish the reviewing, but we are still trying to make it and turn it over to the Investment Commission by the mid-May deadline," said the source, who asked for anonymity due to the sensitive nature of the matter. An official from the Investment Commission, which oversees inbound investment and which will have the final say on the deal, said in April that the sale could face further delays as the buyers have yet to provide some requested information. The commission was originally slated to make a decision in mid-May, after input from the FSC. The buyers have their own deadline of mid-June by which to complete the transaction for Taiwan's third-largest life insurer, which AIG is selling as it restructures at home. ((Reporting by Faith Hung; editing by Jonathan Standing)) ((faith.hung@thomsonreuters.com; +886 2 2508-0815; Reuters Messaging: faith.hung.reuters.com@reuters.net)) Keywords: AIG TAIWAN/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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