BSS, 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.
Board 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.
“I’m sorry that our recent efforts could not meet public expectations,” Liu said.
“The board meeting convened today has approved the decision to dissolve the company and suspend all flights from today.”
The dramatic crash of flight GE235 in February 2015 grabbed global headlines as car dashcam footage showed the jet clipping a road bridge and careering into a river shortly after take-off from Taipei, killing 43 people.
