TransAsia Airways released a statement on Wednesday morning saying the company will offer around 15 million Taiwanese dollars, or over 460-thousand US dollars, in compensation to each of the families of the victims of the plane crash.

The crash occurred when the flight en-route from Taipei to Kinmen lost power shortly after taking off and careened into the Keelung River. The flight carried 58 people, and so far 40 are confirmed dead. Meanwhile, search and rescue authorities are still combing the crash site for three people onboard who remain unaccounted for.

Authorities say they have fully analysed the data of the last 3 minutes of the cockpit voice recorder, and the results are set to be released soon. But more time is needed to analyse the flight data recorder.

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