Leong Mun Wai questions lack of disclosure on capital extraction in Income-Allianz deal

[@windydragon6522]

This is where Leong’s expertise comes in. Swee lah. Show them your RI power, Mr Leong.

[@titansim2007]

Both were fm RI oh

[@mr.g702]

@@titansim2007, Tong is Sampah really.

[@derrickheng3987]

National in most years of oversea interest deal always seen and shown poorly 😅drown investments to bring national benefits concern...and heavy losses in not disclosures it while citizens just found out only in newspaper/online where matter heavy punch out to public issues and flood in national.

[@michaelgoh403]

Very disappointed that our capitals are nearly eaten away and yet the whole of Top Management of INCOME still insisted selling the INCOME!!! What a stupid deal!!!

[@PleaseGetReal]

Have they disclosed whether the Income management will get golden parachute from Allianz ?

[@senghtan]

[a] One key issue: "The lack of transparency regarding these details particularly troubled NCMP Leong Mun Wai." [b] Public outcry has been instrumental in terminating the NTUC Income-Allianz partnership --- but what if there had been no public outcry? [c] What exactly is the intention of the recently corporatized NTUC Income in fusing with Allianz --- aren't the top management unaware of the implications? and that its so-called social mission (for the working class) can be sacrificed as a result?

[@physika]

Why would a private company like Allianz buy majority shares to strengthen Income ? Cheehong smoking what cigar ?

[@mr.g702]

Lee Tong brand Cigar!

[@derrickheng3987]

What precaution, prevention in losses benefits ...if they end-up heavy losses deal shares as years of oversea investment poorly shown? Will INCOME directly shutdown without further input funds? Could INCOME become alike another failures and disappointed by national interest to all member?

[@yongxiongdai4733]

Listening to chee ht, you will think that capital extraction was mentioned in the last parliament session on this deal. The fact is no. This was not mentioned and people like myself, didn't know this. This is what goh CT would characterise as politicking... I didn't know there was capital extraction or reduction but I still think it is a bad deal. The interests of the policies holders were not mentioned at all in the earlier session.

[@titansim2007]

Mr.leong has improved. 😅

[@theadventurer1602]

💪💪

[@agggg3809]

next GE he confirm have seat

[@NoName-qh8rv]

Well done LMW!

[@chambersr4697]

yes from primary one to primary 3 standard of qualitty

[@kwokleongawyong1064]

​@@chambersr4697 Sure, continue your denial and delusion.

[@franciscody9622]

Lack of openness and transparency. Again. Another good reason to vote Opposition.

[@rockychong4299]

It's very distressing to read that on one hand ntuc income wants to abstract 2b then claims it needs additional capital and had to sell majority interest . This smells very much like snake oil conman . Those responsible for the proposed sale must be held to task

[@darkside99]

Exactly 🤔

[@zacz3975]

Exactly. The question is whether NTUC had deliberately omit this information at the point of its release and whether MAS should have released this information at an earlier stage. Tong clarification that there’s no need release such information until it’s approved is another snake oil product.

[@derrickheng3987]

C'mon.......Sgov are they alway sells off national shares of gaining additional interest in what deal for??

[@cln3698]

This deal should not even get pass NTUC or MAS if the extraction is in the proposal.

[@chongannyap7562]

The management of INCOME tried to cut a deal under the table until the eleventh hour and if not for the uproar and pushback from the public, this entire deal would have gone under the radar!

[@derrickheng3987]

Are they concern for public member of years join in INCOME member funds to gains somehow oversea investment benefits where not prevents of drown losses consideration and responsiblity?

[@koksinjc]

Full disclosure should be made

[@TheSaintGambler]

Minister Chee should not push away the responsiblity from the NTUC income management. The management are the 1st line of defence and they should well know that this is a lousy deal.

[@rogerchung260]

Good job, Mr Leong? The clarifications from the Ministers were very shallow and the veiled threat of misrepresentation is shameful...

[@Clc760]

I think representatives from INCOME Insurance should come out and explain the 2 Billion surplus issue. Already when the ALLIANZ indicated their interest to buy the 51% shares, questions arises on what will happen to the non-guaranteed portions of the policies, The Public deserves to know more. The whole saga seems to benefit the NE and the shareholders rather than the general public.

[@derrickheng3987]

For sure, Sgov kana this dealing with the national NAVY purchase Germany submarine concern relayed matter? No country will ever allow other oversea investment party to buy more than 50% of national shares.....unless they are tratior of the country.

[@LonganLee]

When the decision to discuss the deal was made, before the approval was given for the deal, the mini stars already super defensive and were emotional in their responses. During this period , it only make sense to have disclosed the Key Information the voters or public needed to know but it was not disclosed to them. Mr Leong discovered a serious issue here! Chee denied there was "withholding information" to voters but it was a key information voters should have been given back then for the discussion. If not intentional withholding info, was there UnIntentional withholding? What we need to pursue is was there incompetence by not disclosing that key information back then at the critical time for the public to understand the issue? Who is to be held accountable for this was what PSP leader Leong asked. One can withhold unintentionally due to incompetence or negligence too!

[@luke-h5xl]

they just pretend to be hai gong

[@derrickheng3987]

+1👍

[@twong6531]

Leong is definitely of calibre! He must remain in the House to question.

[@twong6531]

Chee Hong Tat is such a weak minister. Why is he helming Transport and also part time Finance???????

[@musico3415]

Precisely, it is hard to listen to his speech.

[@derrickheng3987]

Another ....failures, so-call minister?😅

[@PleaseGetReal]

They are already scrapping the bottom of the barrel for good smart people.

[@Octiga]

Thank you LMW! Send him to the parliament!

[@simroysten7963]

Question is, Why is this happening? Something is wrong somewhere. Why is it imperative to believe that a foreign concern is a correct fit for a local "Singapore Brand" needing a financial infusion. The ultimate "Public Interest" reason is rates could/will shoot up making other service providers the excuse to raise rates to the detriment of policy holders.

[@weewahgan6922]

Already too late. There are so many conflict of interests. The best is the governance of our government need to change. For example, no government officers or official especially those who hold permanent secretary and above should be allowed to be appointed as director/adviser of any statutory board or government related organization including Temasek and GIC for next 5 years after resignation or retirement. And this should include the Presidency candidate. Just look at the recent Presidential Election. It is like asking the Financial Controller of a Company to resign and become the Auditor to the Company. LOL

[@hatchegg80]

so why is ng chee meng not gone? guy doesn't know what he's doing in recommending the deal. now that chee has thrown ng under the bus with his last answer

[@rockychong4299]

@@hatchegg80 The government should set a Court of inquiry into this fiasco. Conflict of interests?

[@sttalk2500]

If not yet, approve by MAS? Then why was the first place? It did not explain clearly. Things should be stated, like telling us the government actually is looking on to it and will finalise at the later. Instead, I remember that someone kept saying assurance but ended up not so sure. LOL.

[@lleong666]

Checks and balances by good opposition parties is healthy for our country!!

[@TopGun848]

Better make Income stronger without outsider interfering.

[@mr.g702]

Then, CPG, Singtel, and the power/energy grid should all be separated from CCP China's interference in owning these companies in part or full.

[@douglasang3527]

PSP is good 👍 Win more seats in GE2025 ! Enough of PAP Rubbish !

[@tamilsingai2242]

But many Chinese Don't Vote for PSP❤❤

[@LonganLee]

First we need these resources: 1. Enough Polling Agents to keep things checked without losing sight for even 0.0001 second. 2. We need to use our initiative to speak to the masses , one voter at a time to educate them. Many are gaslighted (to be politically safe I say gaslighted unintentionally by themselves😅) beyond repair and would by reflex desperately grab excuses to condone any fck ups.

[@jessiechew4192]

@@tamilsingai2242 Maybe you not us

[@coclim5712]

Another 100 years bah… no substance

[@coclim5712]

@@tamilsingai2242and they always made the right choice …

[@magnusthor6259]

The opposition mps lack political acumen. Leung mun wai's second question was very pertinent and you clearly have pap ministers at their throats. Why never go for the jagular veins? If the other opposition mps support this query and pressed on, the pap ministers would have to give a definite answer to that. After that, dont let go. Politics is not a game where if you are winning you show graciousness to the losers. Continue to score points until your opponents are buried 6 feet under. And you dont do this with one person, group coordination is necessary.

[@musico3415]

My family and i kept shaking our heads as pap members tried to explain off their earlier action to support the sale of ntuc income to alliance. Now they claim credit which is deal to opposition members, other non-pap experts and public that had objected to the sales from the beginning.

[@leedesmond766]

Hope this is not for show only before GE, after GE they will approve it. KNS

[@kwokleongawyong1064]

Mr Leong is back in parliament? A tough nail.

[@Kafir667]

if only Tong had "studied the information carefully, went through, understood the transaction and its impact, understood it from the financial perspective", maybe he'd have found that managing household expenses with $935k a year shouldn't be such a pain in the ass

[@Merlinkhoo1959]

Thanks

[@theonlinecitizenasia]

Thank you for your kind support!

[@bobbytay167]

ownself check ownself, so disclose to themselves only anyway not much singaporeans knew income switched from cooperative to pte ltd in 2022 and must be preparing for a sale

[@vulcanken1273]

Why is a tourism minister defending the Income case instead of relevant minister of the affected case! Something is fishy when capital extraction is not transparent and disclosed earlier. This deal seem to be shadier as it is investigated further. PAP is put to task for accountability.

[@ericwong5891]

Ayioooo.....those answers from them, as usual....i.e: like getting a comb from a monk.😅 Well done! Mr Leong.

[@jag4064]

This Chee cannot make it…. He needs to step down

[@clementckw]

lol edwin's last remarks are pretty lame. he knows what Leong was asking for and he knows he is not answering properly. The information is crucial to the transaction and it was not revealed, simple as that. You cant blame someone for then characterising it as information witheld, because its a crucial part of the transaction itself.

[@MIS0DIGITAL]

Please don't end up another CECA Agreement 🤝

[@RichardSKLim]

Clearly, vital information was not revealed to the public regarding this wholly murky deal.

[@jasonlim6060]

If NE had genuinely wanted to strengthen income financially, then there should not be any plans for capital reduction at all. Now, the deal seems to assist NE in divesting their shares in income, using the pretext of finding a strong partner to invest in income. And after the strong partner invested in income, he in turn do a capital reduction and take back what they have invested by buying over NE shares!

[@ssgoh4968]

As a clueless ordinary citizen I have only one question. Are our reserves in safe hands?😮

[@kinsengchan8265]

You'll know when another party takes over.

[@ssgoh4968]

@@kinsengchan8265 :-(

[@derrickheng3987]

Not totally.....even MAS able to proceed without higher SGov official inspect and public known.......damn fishy about INCOME as we member yearly donate our $$$$ intrust INCOME as national icon.

[@martinng72]

Income-Allianz deal is not misleading, no one held responsible, really? Something is fishy. My uncle say his company is in need of capital, ask me to invest. Meanwhile, he is planing to use the company’s capital to pay his shareholders.

[@12321232123212321232]

Yes yes, all Singaporeans are very concerned about this. So much so that they will all vote for the incumbent, because kiasee.

[@yiaplengwee5909]

I am not familiar with what is "capital extraction"........maybe I just guess. Take out excess or extra funds so that they can use it as returns for investments or provide "gifts" like what some businessmen like to do........?

[@DonYang73]

Ownself check ownself, well done....😂🤣

[@kokwahchan8478]

Someone up there at the hierarchy has to go. Just like the deal. Sincerely sorry.

[@tancolvis5240]

why the,reduction of capital to make the insurance smaller n unstable ?

[@jessiechew4192]

In fact all wayang no point watching wasting time only 😂😂😂

[@bryanh5728]

The empty seats behind Leong n also elsewhere in yhe house, shows the level of interest in this subject matter ? Hopefully not 😢

[@cln3698]

Looks like they have silently acknowledged this capital extraction is in the proposal. If so, no need for public to know. It should not even passed NTUC or even MAS, there is no need to wait for MCCY to make this call.

[@GG-xp9nh]

@11:38 was indeed to do what is right 😬😬😬 then why not doing now ah?

[@derrickheng3987]

Why MAS holding power of dealing oversea interest but not Sgov.. while not mention and disclosures to public where national interest been concern??

[@edmundkhor]

PSP PSP PSP !!

[@jaytan8888]

that cry baby lim boon heng needs to harikiri

[@beetan6315]

as usual, selective disclosure

[@JoyJoy_Life]

The problem is the top management of Ntuc Income, they know all the details of the transaction and yet making this deal, not sure why they still dare to stay - 死赖不走.

[@SWTAN-JEFFREY]

At least, MAS is not sleeping and alerted mccy after 6th of aug sitting. 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.

[@win-vb9ry]

Is not everyone can be a businessman. Politician is a politician

[@tancolvis5240]

changing rules n policies on same party checking is a totally wrong now changing policies n rules makes voters n as client lost the confidence in selling 51 % to overseas insurance means $ flow out

[@tlim1945]

Nothing is clear from all these chit chat. - what are conditions attached to the $2b surplus Ministerial Exemption? - surely INCOME mgt would understand how to deal with the $2b surplus in this Alliance-Income deal. why did they not seem to do what is needed? and now pick up by MAS? - when was the $2b exemption approved? should there be a public announcement then??

[@asamfish2002]

Talk is cheap. It's easy to talk ideals & perfection from the sidelines. Remember what happened to the constituents of the wards concerned aft SDP oppo members, Ling How Doong & Cheo Chai Chen. Spore is the only existing, viable city-state in the entire planet. Why ?

[@BillyMilton-fx2nd]

Cut the word salad. Why did NTUC Income not disclose this extraction in the first place?

[@tancolvis5240]

collected so much premium from citizens that hv surplus of 2 bil

[@jennyho5314]

No wonder sinkees cannot retire but work till up lorry

[@bl4706]

One minister talk all about capital reduction. The other minister talk all about capital increment. Good cop bad cop ya?

[@compassion7243]

Roti prata😂

[@Osofg8]

o sg parliament trying to enforce agm from a magical word ‘not for public interest’ o

[@jag4064]

New PM just keep quiet ah….

[@Kafir667]

This deal would most likely have gone ahead, without both the opposition's voices and the people's voices. P.S @Chee: cut it out with the sarcasm because I'm pretty sure we'll see you how well you'll perform when it comes to the discussion on the EWL breakdown in the near future.

[@NoName-qh8rv]

This Tong only good at bring oversea celebrity here for brianless sg ppl to spend. Can get andy lau to hold concert here at sg?🤔😆😆😆😆

[@jeffreytok800]

两位部长都在答非所问。。这就是我们的G4领袖。。。哈哈哈哈。。。真可笑😂。。。

[@mariantia926]

他们只是卖膏药布的骗子，他们自己都乱。。😂🤣😅

[@SANN-1969]

New washing machine model for brains cleaning towardsnew generation in healthy gaps (COE hit world top license approx $100k)

[@HCL882]

Thznk you edwin tong

[@Osofg8]

o check n balance not in nirc 🔋not incl’ a simple and transparent instead nirc is too b c to ‘agm ‘ 2024 - ‘ not 4 public in’ 2025 guess who’s in nirc something a game changer in this direction for a nation true will come out of integrity n little bit of dignity for show 🎈 o

[@BeachBoi1000]

Minister Chee already said long ago, that the deal has not been approved, why LMW keep giving the impression that the gov wants a go ahead?

[@cambodianye8429]

ur ur ur...mean held in abeyance to be exploit at the right time when it is too late for the public to protest. Short ass?

[@MIS0DIGITAL]

CHT is very good keep it up MAS.

[@markusong6022]

😂😂😂😂😂

[@PleaseGetReal]

Have they disclosed whether the Income management will get golden parachute from Allianz ?