TAIPEI - Taiwan's troubled TransAsia Airways said Tuesday the company would be dissolved in the wake of two deadly plane crashes, massive financial losses and an insider trading probe. TransAsia -- Taiwan's first private airline, set up in 1951 -- is to be dissolved in the wake of two deadly plane crashesBoard members reached the decision to close the struggling airline during a hastily called board meeting, with all flights immediately axed. Chief executive officer Liu Tung-ming bowed in a sign of contrition as he told reporters of the "painful" decision. TransAsia -- Taiwan's first private airline, set up in 1951 -- said it had introduced six training programmes following the two fatal incidents. Those losses widened to Tw$2.2 billion in the first three quarters of this year, and in October its budget airline V Air folded.

Source: Bangkok Post November 22, 2016 06:45 UTC