| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 4 March 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 79.9% of the shares of American International Group Inc, the value of the assets of American International Group Inc and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $140,630,794 |
| Applicant | Jill Considine, Chester Feldberg and Douglas Foshee as trustees of AIG Credit Facility Trust United States of America (100.0%) |
| Vendor | Existing Shareholders in American International Group Inc. United States of America (91.01%) Switzerland (6.49%) Bermuda (2.32%) Various (0.18%) |
| Background | The AIG Credit Facility Trust was created pursuant to the AIG Credit Facility Trust Agreement (Trust Agreement) dated 16 January 2009 between Jill M. Considine, Chester B. Feldberg and Douglas L. Foshee (the Trustees) and the Federal Reserve Bank of New York (FRBNY). The AIG Credit Facility Trust has been created for the purpose of acquiring, holding and eventually disposing of the stock acquired. The AIG Credit Facility Trust will hold the stock for the sole benefit of the United States Treasury. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Brynn Gilbertson Andrew Buchanan |