Cathay to recognize NT$8.8bn lossCORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investmentBy Kao Shih-ching / Staff reporterCathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president Lin Chao-ting (林昭廷) told a news conference in Taipei. However, the recognized investment loss of NT$8.8 billion has completely written off its investment in the Indonesian lender, Lin said. So we are still evaluating if we should be a controlling shareholder in Bank Mayapada,” Lee said.

Source: Taipei Times August 10, 2020 16:00 UTC