TransAsia Airways (Taipei) suspended operations on Tuesday November 22, 2016 amid reports of financial difficulties and an on-going investigation..
The company convened a special board meeting. As a result of the meeting, the company announced it would be liquidated in the wake of two deadly plane crashes, financial losses and an insider trading probe.
TransAsia’s business was dealt major blows by two fatal accidents on domestic flights in the past two years. A flight from Kaohisung crashed in Penghu on July 23, 2014, leaving 48 of the 58 people on board dead, and another flight heading to Kinmen crashed into a river minutes after taking off from Taipei Songshan Airport in February 2015, killing 43 of the 58 people on board.
Founded in 1951, the airline was Taiwan’s first private-owned domestic air carrier. It was taken over by the Goldsun Group in 1983 and was listed on Taiwan’s stock market on November 1, 2011.
TransAsia opened budget carrier subsidiary V Air in December 2014, but it struggled to stay afloat, and its operations came to an end on October 1, 2016 due to financial losses.
Copyright Photo: TransAsia Airways ATR 72-212A (ATR 72-600) F-WWEC B-22821 (msn 1251) TLS (Paul Bannwarth). Image: 928568.
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