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PBOC Decides to Revoke PITIC
On Oct 18, 2000, the People's Bank of China (PBOC) made a public notice to revoke the People's Insurance Trust Investment Company (PITIC) and its subordinate Office in South Jiangsu, forfeiting their permits as legal persona of financial institutions and licenses for business operation and suspending all their business activities as from the date above-mentioned.
China Life Insurance Company will form a group for liquidation, taking up the job of accounts clearing to the company. During the period for clearance, the subordinate companies of the PITIC enjoying the status of independent legal persona may continue their business operations as usual.
The debt of the company shall be registered as from October 18, 2000 to January 18, 2000. Those, failing to register within the time-limit shall be deemed as the voluntary give-up of the rights of a creditor. The place for registration is located at the former company.
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