NTUC Income-Allianz deal off after Singapore government intervenes, Edwin Tong tells parliament

[@arkhera4375]

Are the PAP members who pushed for this to go through going to be on the chopping block? Any accountability here? Lim Boon Heng, Ng Chee Meng, Alvin Tan, Chee Hong Tat, Desmond Choo and the whoever else at the helm of NTUC, why are y'all working against Singapore's interests?

[@hengbin2974]

Agree...........all useless acolytes, in my opinion

[@mariantia926]

@arkhera4375 we need to vote them out by next ge25. None hv the heart of Singaporean.. only for their own 🐷 bank..I 😂🤣😅🤔🤫🫣

[@colorpeace-fo1sp]

NTUC is not a govt board but an enterprise which is associated with the govt cos of the tripartite relationship. The CEO of NTUC especially NTUC insurance should answer for it.

[@fongwilliam707]

Set up a committee to investigate please

[@hengbin2974]

@@fongwilliam707 Aiya, the WHOLE system is ROTTEN lah...............just get rid of LHL; HC; LBH etc...............something ordinary sinkies just dun seem to realise.

[@marvint480]

Glad the deal is off.

[@albin123003]

that depends. the proposed acquisition of NTUC Income is already a sign that something is amiss... that the company might have some problems and are seeking an acquisition to save or starve away from the problem. By vetoing or objecting to the proposed solutions despite the lack of a better solution, it might push the company down to a dead end.

[@hengbin2974]

In the 1st place, NTUC Income should NOT be corporatized.........just weed out the incompetent acolytes & bootlickers.

[@JojoJoget]

Dunno why people here thanking Edwin Tong, his people knew about the deal from the start and made it so.

[@lolipopi503]

Ownself negotiate ownself reject.

[@fanoflogic87]

Imagine in the future where there is no Tommy Koh, TKL and TSC. This deal would have gone through. God bless Singapore...

[@lookingaheadoftime]

luckily those few old knights is still around - otherwise, it will be long gone over.

[@JojoJoget]

If no one brought it up, PAP would have let it gone through

[@HCL882]

My exact sentiments

[@mariantia926]

@fanoflogic87 I am getting more n more worry for our moving forward younsters, they will be blinded by our so called 4g leaders with empty shelf of expertise n experience but only a lip service salesman talk those on the street selling 跌打油的ahpek.😂🤣😅

[@raymondT22227]

Please sack the CEO,not belong Singapore.

[@2wwwilly]

Chairman Lim need to go too. Reformasi .😂😂❤❤

[@denisechan5992]

Thanks to the work of Tan Suee Chieh, the government has relented. Having said that, in order not to have such fiasco again, there should have more opposition in Parliament.

[@mariantia926]

Their ex ceo has more heart n brain than these lip service minister.it is a laughing stock in a highly educated Singaporean to be easily brain washed by these empty shelf minister knowingly only as pr talk.😂🤣😅

[@pinktoebeans]

Your first and second points do not really link.

[@theadventurer1602]

I also believe that the work of Tan Suee Chieh had somehow led to the govt to relook/review the whole matter.

[@smling11]

Is not due to Mr Tan. It is due to MAS report that Allianz going to squeeze out millions from Income insurance very quickly once the deal is through. Then they realise the true intent of Allianz and there is no way to stop Allianz once the deal is done.

[@mariantia926]

@@denisechan5992 I rather believe tan suee chieh than the whole moron of pap n temsaek. They are only want easy money n easy way out I tell u the true

[@taylt9497]

In the first place Income management should know. Not wait till noises resulting in Govt intervention.

[@flicker9923]

Good! Common sense prevail!

[@HCL882]

He didn't say they will stop. Just pause...

[@TiredBush]

Phew, thank goodness. For a moment I thought we were going to give away SBS, PSA, SP Power, ST Engineering and Surbana Jurong next as early Christmas presents 😂 Perhaps a number of MPs need to be investigated for lobbying practices from Allianz...

[@mds7537]

Good to reflect on its mission. Thank you minister. Need not always listen to consultants.

[@paparoti4006]

How alba got the e waste collection project ? Can some one tell

[@physika]

Just because you wanna become someone, you turn yourself into something else. Sounds Halimah.

[@SWTAN-JEFFREY]

wow, Rejected by govt. Right thing to do for the sake of singaporean benefits. It was bad faith of the 2022 board of NTUC, and it should ALL be replaced by loyal singaporean . Just like replaced the CEO of the DBS by local singaporean. It would be naive to believe foreigners would loyal to singaporean, its their nature to be driven by profits per se.

[@dennistan4663]

After public outcry and opposition They fall. 😅😅😅😅

[@Mrnonolol]

This is a 180 roti prata from what Alvin tan said

[@steventang1032]

If the govt had been on “top of the situation” n questioned all those related questions prior b4 the takeover n before the feedback from the ex-ceos, Dr Tommy Koh , the public n the opposition parties, this laughing joke will thus be prevented

[@alvinchua3518]

We are used to watching this type of movies aready nothing exciting.😂

[@fujitsubo]

roti prata again. Such a big deal, why did they not consider behind closed doors first? Internal divisions leading to poor communications?

[@albin123003]

I believe that the merger or acquisition was behind closed doors. While Allianz is listed but not on SGX and NTUC Income is public non-listed, NTUC Income still had to write to its shareholders giving them notice of the upcoming transaction as the shareholders would have to sell off their shares in the company. This led to a leak of information and became an public interest which the government begun showing interest and asking questions.

[@letgotothemoon8174]

Well done to MAS and MCCY for taking proactive steps to ensure due diligence. On the other hand, there are concerns that NTUC’s recent actions may appear more focused on organizational interests rather than prioritizing the public and their policyholders. The Chair of NTUC Enterprise, Seah Kian Peng, and NTUC Income CEO, Andrew Yeo, could provide clarity on why they are moving towards reducing their ownership, especially considering that many Singaporeans hold insurance policies previously sold by Income.

[@ceciliangwhng1915]

Am glad the government come to sense., and thank you.

[@september9646]

IF Without public resentment! Will the government listen？

[@richardchee2454]

Too close to coming GE. More and more people are waking up.

[@HCL882]

It's only a pause...he said they will still work w them. Meaning still sell sporeans away for a bowl of soup

[@181soulgazer]

Original stated objectives to strengthen the financial standing of NTUC Insurance. But within 3 years of closing the transaction, there was plans to 'optimise' capital in NI by returning 'surplus' 1.85 billion capital to the business in the 3 year!. That sounds absolutely contradictory and almost fraudulent to get approval since this material information on capital extraction was not disclosed by NE to MCCY until MAS did so. Something seems very wrong!

[@kakaboo]

seems like someone planned a very long term plan, right from when they converted from an co-op into a company and retained the $2 billion surplus. Once converted into a company they don't have to go through MCCY and only MAS. If MAS never asked MCCY for their opinion (which they don't need to) the deal would have gone through. thats why need to table new bill urgently lawl

[@philipchan1856]

😂 strangely a few MP/ministers were very pro in letting Allianz acquiring 51% of NTUC income initially and now the government intervened.

[@ewmurphy]

Interesting that Edwin Tong's statement is a complete flip from the previous statement by greenhorn Alvin Ng in supporting the deal without regulatory due diligence. Aren't both of them from MCCY? NTUC Enterprise Chair Lim Boon Heng and current Income CEO should step down for their incompetence to manage the Income portfolio.

[@theadventurer1602]

Yes they should.

[@MO-hk9ko]

So this is a tacit acknowledgement of a bad decision that was made?

[@MO-hk9ko]

What a joke! Need an COI to determine if there was someone sleeping on the job leading to a complete U turn.

[@davidwong7283]

remember how he defended Kong Hee and how he Grilled Faisal Manap on Live TV ? Edwin TONG is Super !!!!

[@Mhm_LimPoh]

Native

[@2bystander2]

super villain? he is a expert manipulator

[@rony7338]

Edwin Tong look so stupid for being played like a fool! He should resign if he has any dignity. See my comments above.

[@dennistan4663]

Your father😅😅😅😅

[@bl4706]

Sir ET, you bring back 2015 history, how does yr current findings support yr current justification?

[@dividendnomatt]

Only in Singapore can this happen! ❤ Well Done 👏

[@joshuawong1853]

Pls have a spore citizen to be in our senior management of the income

[@lilychua7866]

Not new citizen I hope….

[@philiphan9085]

Very good government we have. We are so blessed with such outstanding people in charge

[@Mrnonolol]

Guys - this chairman needs to step down, he can’t balance corporate and Singapore inc. if he could he wouldn’t put this deal out.

[@abtan2481]

Mr Lim Boon Heng assured Singaporeans that Allianz-NTUC deal was good for all Singaporeans. No word about the capital extraction. Mr Lim, just as you give that assurance then, please do the same now with our new found knowledge.

[@SWTAN-JEFFREY]

Allianz faced financial problem in 2008 just like citi bank or AIG , coz they took high risk during the Sub-prime crisis. How could we believe they will be on earth for next 20 years ? as they are profits driven oriented come with HIGH RISK

[@skylerseah7189]

Interesting how 2 billion is in Income's retained earning then after the sale, the buyer plan to cash out the capital and draw out 1.85 billion in the next three years. How does that "beefing up Income capital"? M

[@jacquesenboit6351]

Merely face saving act by the govt. Allianz narrowly avoided acquiring a company that remains bound by promise not to be sold made during the last injection of liquidity, making this acquisition legally invalid and potentially a CBT on the part of the NTUC Enterprise board. Allianz CEO couldn't sell a legally invalid & likely criminal acquisition proposal to its Board of Supervisors. Basically, a due-diligence no-go upon further info disclosed by NE's EX-CEO TSC.

[@sgfuture7114]

If WP never bring this issue up in the Parliament... Will the government intervened...? 😊

[@jhf4930]

Please lah, already got various channels feeding back on this subject when income announced this The way you guys spin story really make WP look small. Don’t get me wrong, I have no issue with WP with some respect to certain old pioneer, but don’t like how some people smear gov of the day. The ways these people smear operation will bring our country into what we see in the divides/chaos in Taiwan , Uk and some other countries bringing shames to democracy

[@KwaSK-r8q]

🤭😂🎉

[@Sgscouser]

KPKB helps

[@tanpengjoo7205]

Every services out sourced of course everything prices go up, government don't bother to take responsible for Singapore just want revenue whether how other third party do it government doesn't care , no wonder our trains systems keep braking down, costs of living keep rising even our basic public housing prices are just as high as ever. Already built thousand blocks but price still never go down instead keep going up when salary can't catch up with the prices .

[@JojoJoget]

No

[@goodearthpearl3243]

Thanks God. Alliance deal is stopped.

[@bummers]

More like common sense and public uproar. God had nothing to do with it. If it had, the deal should not even have started to begin with. I mean, God is all knowing, should have known it's not in public interest. lol

[@SWTAN-JEFFREY]

The essential of the question is not how best could Allianz able to change the proposal to suit our benefits. Its the core mission statement of the said company is totally not aligning with our social mission per se. MAS or Ministers are not able ( and should not) to demand a Pte company to short change their shareholders benefits for singapore social missions of which NTUC was founded on. LIkewise, we should not depend on Foreign entity to do social mission which I think is unattenable and conflict of interest with the Allianz Board's duties right ( profit maximization oriented)? Look at AIG during sub-prime crisis in 2008, the biggest insurance company was bailed out by Govt, Bernanke Feb chairman injected $85b for AIG on sept 2008, otherwise there would not be any market on next monday. Ministers arguments are in different perspectives of which Im not able to fathom through the conflict of interest between both mission statements.

[@philiphan9085]

Well done Minister Tong. You are so clear in your presentation. We are blessed to have ministers like you

[@2011crane]

MCCY don't know? Isn't MCCY duties to know?

[@HCL882]

Did ntuc have to pay a compensation since a legal commitment was given

[@2011crane]

The Government likewise does not interfere in the commercial decisions of Temasek's and GIC's portfolio companies. Is NTUC Income under Temasek?

[@Mrnonolol]

So… u merge to have more capital then u return capital… why

[@agu26fly]

Lucky got WP and PSP to question the govt… proved need 2/3 parties in parliament to debate and question unfavorable moves to Singaporean. As I did not see any pap mp raised up questions on this issue.

[@tuapuikia]

I don't mind Temasek taking over the business instead of an external investor.

[@richardwilliam3771]

The Singapore government should have stayed on top of this and not deal with it after the opposition sound the alarm. If we don't have an opposition PAP would blur the lines.

[@lstan6794]

Better late than never. The damage would be irrecoverable.

[@jacquesenboit6351]

CAD & AGC need to investigate NE's board of directors for NI proposed sale for CBT. The NI shares were acquired under the promise not to be resold during the last injection of liquidity, thus making the shares not owned by NE in the ordinary sensed of the word but placed in trust in the hands of NE.

[@davidgoh681]

PM Lawrence Wong 👍. Still, alternative voices are necessary and that include a credible opposition

[@edisonchan5029]

Am glad that Minister Edwin Tong made the ministerial statement. As I watch, it appear to me that there is a giant shadow hand in guiding the NTUC income insurance in the process to transform from cooperative into a company, seek to retain the $2 billions. Soon after Allianze proposed purchase, $1.8 billions to be returned to shareholders, which means Allianze benefitting and paying peanuts for a substantial shareholding. The person or financial consultant or middleman setting up this Allianze purchase must be getting big reward. This giant shadow hand must be chopped. I wonder whether Minister Edwin Tong has the time or sense any wrongdoing in the proposed sales of NTUC income insurance to Allianze.

[@samp2268]

Thanks for the opposition for highlighting. Vote more opposition

[@ivychua4091]

Thank you Workers' Party for opposing this 💙💙💙💙💙💙💙

[@lilychua7866]

Hahhaha workers’ party taking credit for doing nothing again? The public also has a voice without them.

[@theadventurer1602]

@@lilychua7866 😝😝

[@arcencielc2065]

Huh???? Taking credit for doing nothing again? Hahaha!

[@colorpeace-fo1sp]

"NTUC Enterprise (NE) and Income Insurance late on Aug 4 rebutted an open letter by former NTUC Income chief executive Tan Suee Chieh, in which he criticised and objected to an offer by German insurer Allianz to buy a controlling stake in Income and called on the Government to stop it."

[@richardchee2454]

Many such "U" turns will have been happened in the past if there had been more opposing outcry and backlash. Too dangerous to have small number of oppositions and many SGreans still asleep.

[@joshuawong1853]

They have a stake in spore. I hope they will consider the interest of the ppl of spore.

[@Tiara-i6y]

Please talk about the cpf

[@thomastan7511]

Allianz can only bought for 49% or less NTUC insurance shares at the present offered price.

[@huhx87]

i am glad that MCCY went in deep into dig this entire transaction. The liquidation of the 1.8billion dollars within 3 years after the transaction really does not make sense when they said Income wishes to have a stronger financial standing... Well done MCCY and MAS!

[@lolipopi503]

They open the door by themselves, they close the door by themselves. P.A.P are no different.

[@solo0880]

NTUC Cooperative was change recently so it was a plan moved as alleges

[@lolipopi503]

Ownself negotiate ownself reject. Insurance Premium will increase no matter what. Either way no different.

[@2011crane]

Since NTUC Income management deems that NTUC Income can only remain competitive and viable through sale and the sale did not occur. Will it be better to change the management ?

[@Mrnonolol]

Word of the day : prudential

[@2wwwilly]

It's funny such a big deal selling off ntuc income ,why was there's no safety net built in to discuss by the PAP government?

[@ericwong5891]

Those Ministers from the past are considered obsoleted, why can't these new ones come out with their new ideas. And how it is run now should be very different from the past.....lah.😅

[@lisazheng7141]

I own a life insurance for a long period. I am very wary of Income-Allianz.

[@hengbin2974]

I thought that the government has ALREADY supported & approved the T/O of NTUC income Insurance by Allianz sometime in September contrary to the unjustified claim of the acolytes of the wayang party that it ALONE had caused the government to change its mind. I have medical insurance from NTUC Income Insurance with riders for a long long time, perhaps since late 1990s but recently I received SMS from a public hospital that I've to pay extra. II queried the hospital, as I did NOT have to pay anything extra for the same medical treatment with copy to Minister OYK. I'm still in the process of going through the background & perhaps this has now precipitated the change of mind by the govt. So much for so-called oppos, esp the wayang party, claiming credit!!!

[@davidgoh681]

what are you saying?

[@kakaboo]

@@davidgoh681 he means NTUC Income same like other insurers, when take money for your policies premiums very fast hand fast leg, but when it comes to claiming, drag here and then and then suddenly ask you pay extra when you had paid extras for riders ,,

[@khanhui888]

This point is good. Support

[@anziar3038]

Wow! The first-world PAP govt has made a great decision once again based entirely on the factual situation and their own evaluation. ❤❤

[@arkhera4375]

@@anziar3038 You mean the same people that wanted to push this through in the first place? Clown

[@TiredBush]

Here's your $0.50 🪙

[@Temptfree]

Based on their own? LoL u must be sleeping.

[@susss188]

Wow FYM!

[@Temptfree]

@@susss188 Same to you 😂

[@thomastan7511]

Well done, Edwin Tong.

[@cazpk6840]

For what aspect ?

[@markusong6022]

I thought Alliance national player😮

[@Numbie9527]

no one kp, INCOME alr sold long ago which means we need to KP

[@gohmt56]

Your suggestion need serious consideration。 new blood at board and management level may be needed to offer new perspective with creative solutions. Amen om mani Padme hung

[@lolipopi503]

They open the door by themselves, they close the door by themselves. P.A.P pathetic.

[@mrtienphysics666]

after the uproar

[@xeenslayer]

Very interesting all these Singaporean people. Don't listen to you, cry father cry mother. Listen to you already and change direction, cry grandfather cry grandmother. Really voting is not for everyone.

[@lolipopi503]

SM position is waste of money..Should abolish.

[@hans76sg]

The govt only gave in this time due to coming GE. This only proves we need more political opposition to speak up when the govt thinks it knows best

[@philiphan9085]

Speak in context .Don't spite and don't spread untruths

[@tankman20064]

That why we need Co driver. The driver always drive us wrong placw

[@tonykwok9763]

DO YOU OWN IT????????🤣🤣🤣🤣🤣🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬

[@titansim2007]

Very good report, I am glad that this deal is not gone through. What a joke.

[@hatchegg80]

ng chee meng really jiak sai, why hang around, not even an MP and can't speak in parliament

[@atglhome9212]

What a joke … oversight ?

[@Wenshun-n7e]

Wayang

[@高高-x6v]

Withdraw Chee kept asking people to withdraw comments 😅

[@gt5087]

"common sense" decision is cannot.

[@Temptfree]

Only after everyone starts criticizing the move? Pap realize it's detrimental to it's popularity?

[@PhilipP-dh3wr]

As what the paper said this morning . The outcome caused a shock to all affected parties . Its simply means the whole idea was v badly handled .

[@PhilipP-dh3wr]

In august few great guys said it's a v good deal .now it's the opposite. My house is protected by income .I am just wondering are you all toying around with my finical plan ..... .

[@SWTAN-JEFFREY]

The recent Inconvenient Question interview of former ceo Tan Kin Lian in Oct 2024, Tan mentioned that NTUC income total assets $40b of which $32b belongs to 1.7m police holders . 80% of $32b is contractual guaranteed amount. 20% is non guaranteed amounted to $6b So is it that foreign entity is eyeing the said $6b? Question is why that the Board was brokering the deal was not aware of this? Good faith? Bad faith? or Ugly in faith?