Taiwan's government will investigate whether a Hong Kong financial consortium that has won a bid to acquire the Taipei-based Nan Shan Life Insurance Co. has any Chinese shareholders who hold sway in the group, a senior official said Thursday. Minister of Economic Affairs Shih Yen-shiang made the remarks at a Legislative Yuan committee session amid mounting concern about a possible Chinese entry into Taiwan's insurance market through the Hong Kong consortium's acquisition of Nan Shan Life. American International Group Inc. (AIG) announced Tuesday that it had agreed to sell its 97.57 percent share of Nan Shan Life -- its Taiwanese unit -- to a consortium led by Hong Kong's Primus Financial Holdings for US$2.15 billion (NT$69.3 billion). Shih said the deal is still pending screening by the Ministry of Economic Affairs (MOEA). 'If we find that the consortium has any influential Chinese shareholders as its members, we will refuse to approve the acquisition deal,' Shih said. Stressing that Taiwan has not yet opened its financial service market, including the insurance industry, to Chinese investment, Shih said the MOEA's Investment Commission will carefully examine the Nan Shan deal once it receives relevant documents. The consortium led by Hong Kong's Primus Financial Holdings has not yet sent its Nan Shan acquisition deal to the Investment Commission for screening, Shih said. In addition to checking whether the consortium has any Chinese shareholders who directly or indirectly control more than 30 percent of the group's stake, Shih said the commission will also investigate whether the group has any Chinese citizens who hold sway in its operations. Under Taiwan's regulations, the Nan Shan transaction will be examined first by the MOEA's Investment Commission and then sent to the Financial Supervisory Commission for final approval. 