Carrian business to N.Z. Insurance?

Press, 22 October 1983, Page 22

Carrian business to N.Z. Insurance?

NZPA Hong Kong The New Zealand Insurance Company, Ltd, in Hong Kong is a leading candidate to buy the Life Insurance and Pension Fund policies under-written by China Underwriters Life and General Insurance Company, a member of the failed property group Carrian. New Zealand Insurance, which operates separately but in close association with South British Insurance in Hong Kong, managed China Underwriters’ Insurance activities until last month.

The Government’s Registrar General, Mr Noel Gleeson, filed a petition on October 7 to wind up China Underwriters, a subsidiary of Carrian Investments. Carrian’s principal, Mr George Tan, and his associate, Mr Bentley Ho, were charged earlier this month with making false and misleading statements, effectively torpedoing attempts

to rescue Carrian, which had debts estimated at SNZI.B billion. China Underwriters held life insurance policies of approximately SNZIS.2M as of August 31, according to documents submitted with the winding up petition. The Asian Wall Street Journal, quoting sources close to the negotiations, said a decision would probably be made this week on which company would be allowed to purchase assets. The other leading contender to buy the assets was Sentry Life Insurance of the United States, the. report said. The Government was concerned that a delay in the take-over of the “long-term” insurance business would mean a further erosion of China Underwriters, the journal said. NZl’s Hong Kong manager, Mr Bret Wilson, said he could not comment on the report or whether NZI was

involved, but he referred NZPA to Mr Gleeson, and said the report was correct as to the facts of China Underwriters situation. Mr Gleeson confirmed negotiations were going on for the take-over of the insurance company’s longterm business. He said he could not name the companies involved. It would take some time to complete the negotiations, which were complicated. “I don’t know whether it will be possible to reach a decision this week,” Mr Gleeson said.

Appointed as liquidator of China Underwriters, , he said he and his staff were “doing our best.”

If concluded, the sale would be the first big disposal of Carrian assets after petitions to wind up the various Carrian Group companies were filed earlier this month.