Chinese insurer Ping An is asking the Chinese government to help seek compensation from Belgium over its losses in European financial group Fortis after the group was nationalized, a government source said Friday.

Ping An Insurance (Group) Co booked a loss of about 15.7 billion yuan (US$2.3 billion) on its investment in Fortis after marking down the market value of its 5 percent stake in the Dutch-Belgian financial group.

A source familiar with the situation told Reuters Ping An believes the Belgian government's role in carving up Fortis along national lines last month is tantamount to confiscation and it wants to pursue compensation.

The source said China's Ministry of Commerce intended to deliver a note to the Belgian government and to submit a petition to the State Council, China's Cabinet, seeking inter-agency support for its stance.

The source refused to be named due to the sensitivity of the matter.

Ping An's move feeds into a fevered debate in Beijing over whether China should take advantage of steep falls in equity prices to build positions in overseas financial and natural resource companies or stay on the sidelines.

An official at the Belgian embassy in Beijing said he was not aware of any representations by the Chinese commerce ministry.

Ping An spokesman Sheng Ruisheng said he was not aware the insurer was seeking the help of various government agencies.

"But we are closely watching new developments at Fortis and will try our best to safeguard our legal rights," he said.

Fortis was split up by the Netherlands, Belgium and Luxembourg governments, with BNP Paribas buying the group's Belgian operations, after an 11.2 billion euro (US$14.2 billion) cash injection failed to calm investors' concerns.

"I think what BNP is buying is not only Fortis's units but a load of diplomatic trouble as well," said Mei Xinyu, a senior researcher at the commerce ministry.