The China Post
Date: December 1, 2016
By: Sun Hsin Hsuan

TAIPEI, Taiwan — An investment team fronted by former Civil Aeronautics Administration (CAA) Director-General Chang Kuo-cheng (張國政) has pulled out of a potential takeover of TransAsia Airways, after the government revoked the airline’s flying rights Wednesday.

The decision comes only a day after Chang announced the bid to take over TransAsia. He said the purchase was being bankrolled by an anonymous IT entrepreneur.

While bringing another twist to the saga of the troubled airline’s demise, the investment group’s withdrawal is not entirely surprising as Chang had said Tuesday that the bid was contingent on the government maintaining TransAsia’s flying rights.

Chang confirmed the revocation of flying rights had driven the group’s decision to drop its pursuit of TransAsia, saying, “There is no point in acquiring an airline without aviation rights.”    [FULL  STORY]