Ex-CAA chief backs out of TransAsia dealTAIPEI, 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. "Without plans to resume operations, the CAA must proceed to retract its (TransAsia's) flying rights," Wang said. Transportation and Communications Minister Ho Chen Tan (賀陳旦) said, "Even though (TransAsia Airways') aviation rights have been revoked, its operating license is still effective. Therefore, its future buyer — if any — can still participate in an aviation rights rearrangement." Chang Kuo-wei was widely tipped as a potential buyer of TransAsia Airways before the announcement.

Source: The China Post November 30, 2016 16:04 UTC