https://www.channelnewsasia.com/singapore/ntuc-income-allianz-deal-singapore-government-edwin-tong-4675491
SINGAPORE: The Singapore government has intervened to stop the proposed deal between NTUC Income and German insurer Allianz.
Under the proposed transaction, which was announced on Jul 17, Allianz would have acquired a majority stake in Income. The announcement triggered a public outcry, with concerns over whether Income would continue its social mission.
Several prominent figures had spoken out against the deal when it was first announced.
"The government has assessed the proposed transaction and has decided that it would not be in the public interest for the transaction, in its current form, to proceed," Culture, Community and Youth Minister Edwin Tong told parliament in a ministerial statement on Monday (Oct 14).
The German financial services giant announced its plans to buy a majority stake in Income for around US$1.6 billion in July.
NTUC Enterprise said at the time that it would remain a "substantial" shareholder if the sale went through.
The crux of the outcry covered how Allianz, as a large multinational company, would not be fully aligned with the original mission of the Singapore entity, which is to serve the needs of low-income workers.
Those who spoke up about the deal include former NTUC Income CEO Tan Kin Lian, ambassador-at-large Tommy Koh and Mr Tan Suee Chieh, who was CEO of NTUC Income from 2007 to 2013 before becoming Group CEO of NTUC Enterprise from 2013 to 2017.
Mr Tan Suee Chieh called the proposed deal a "breach of good faith" and asked government regulators to step in.
NTUC Enterprise chairman Lim Boon Heng said at the time that Income would continue to provide affordable insurance for lower-income customers, adding that Income's life insurance market share was "less than 10 per cent in the past 10 years".
Labour chief Ng Chee Meng also said that NTUC would ensure Income upholds its commitment to keep premiums affordable for two existing low-cost schemes for union members.
Source: CNA/nh(ac)
Govt listened to its people..
Will vote for Pappy next year!! 🤣🤣🤣
CheerS!!!😉
Quote from: GhostZM on Oct 14, 2024, 01:40 PMGovt listened to its people..
Will vote for Pappy next year!! 🤣🤣🤣
CheerS!!!😉
Will the deal resume after election?
"it would not be in the public interest for the transaction, in its current form, to proceed"
Current form cannot. Maybe future got new proposal. After election
Quote from: oldchangkee on Oct 14, 2024, 01:48 PMWill the deal resume after election?
they will do tonnes of shit after. u see the GST
Power to the People! For now.... Cos GE looming
the thing is how much must NTUC compensate Allianz for this ?
GE is near, cannot make Income customers buay song. The deal can go thru later.
Dont get happy so soon. They only blocking the deal now but they are not blocking all other possible deals to take over Income Insurance.
Quote from: Shiori on Oct 14, 2024, 02:56 PMDont get happy so soon. They only blocking the deal now but they are not blocking all other possible deals to take over Income Insurance.
i dont think they will proceed even after GE tbh.
bad optics for next next elections altho people got bad memory
the problem is, if it doesnt proceed, need to compensate or not
so what u said is possible also but now... need to pay money or not first... or as long as regulatory authority dont approve then nothing needs to be paid..
Ownself stop ownself??
some thing funny happening. first say sell.. now say cannot sell..
:frown:
自导自演
Just get in 33% MP alternative parties to represent. Don't care which one. Dinkies will see the good CS service soon.
Quote from: default on Oct 14, 2024, 02:57 PMi dont think they will proceed even after GE tbh.
bad optics for next next elections altho people got bad memory
the problem is, if it doesnt proceed, need to compensate or not
so what u said is possible also but now... need to pay money or not first... or as long as regulatory authority dont approve then nothing needs to be paid..
dun think need to compensate..
cheng hoo make the law
they said the deal ish "not be in the public interest " in current form
so cheng hoo need to sexplain what is the public interest in this case and huai this transaction is not in public interest
then ntuc and allianze read cheng hoo leeport and work around it
deal sure proceed but not in current form but modified form
:frown:
Hello everyone! I am back!
Yeah, glad deal is called off. Got 2 shield plans for my sons from there, premium sure go up if deal goes thru
Quote from: Mummy1234 on Oct 14, 2024, 06:56 PMHello everyone! I am back!
Yeah, glad deal is called off. Got 2 shield plans for my sons from there, premium sure go up if deal goes thru
Welcome to TCL. Were Chiu ever here & gone? Tot chiu pbanned at the other sai.
Ya lor, I p bam from edmw
Quote from: Mummy1234 on Oct 14, 2024, 07:02 PMYa lor, I p bam from edmw
huai chiu pbend? who leepork chiu ? and which post??
:s11:
They say I troll and nuisance.
Actually my friend Tan Li San was deputy secretary in the Min of Comms. Suspect she had a hand in banning me.
Quote from: Mummy1234 on Oct 14, 2024, 07:35 PMThey say I troll and nuisance.
Actually my friend Tan Li San was deputy secretary in the Min of Comms. Suspect she had a hand in banning me.
she see u type too much rubbish expose urself maybe
Childhood friend but now very proud cause CEO of NCSS, dun talk to me anymore. So hypocritical, pretend to support mental health but despise own friend with mental health condition
Quote from: Mummy1234 on Oct 14, 2024, 07:35 PMThey say I troll and nuisance.
Actually my friend Tan Li San was deputy secretary in the Min of Comms. Suspect she had a hand in banning me.
chiu teach ppl good thing wat.. huai nuisance?
chiu fren nao CEO of NCSS .. aniwueng meh.. go pbend chiu?
:s11:
Quote from: Mummy1234 on Oct 14, 2024, 07:36 PMChildhood friend but now very proud cause CEO of NCSS, dun talk to me anymore. So hypocritical, pretend to support mental health but despise own friend with mental health condition
aiya once they go high place they pretend dunno commoners .. jin common one rah
:frown:
She was in the min of comms when I got banned
Yalor, jin yayapapaya
Quote from: Mummy1234 on Oct 14, 2024, 07:40 PMShe was in the min of comms when I got banned
Quote from: Mummy1234 on Oct 14, 2024, 07:40 PMYalor, jin yayapapaya
moi tot chiu have crone..
:flash: :flash:
Quote from: Mummy1234 on Oct 14, 2024, 06:56 PMHello everyone! I am back!
Yeah, glad deal is called off. Got 2 shield plans for my sons from there, premium sure go up if deal goes thru
Hey yo, 👋 is this Bhutan zehzeh?!
Yes I am Bhutan :s12:
Quote from: Mummy1234 on Oct 14, 2024, 08:27 PMYes I am Bhutan :s12:
Zehzeh thank you for the gift card. I didn't manage to use it before I got pbanned. Do u mind if I reciprocate to u one gift card in Moneymind PM?
Bhutan zehzeh very nice gave me a gift card.
I was jokingly asking her in her thread to treat me buffet for her pay rise. She really send me a gift card.
Thank you zehzeh :s12:
Quote from: oldchangkee on Oct 14, 2024, 08:45 PMBhutan zehzeh very nice gave me a gift card.
I was jokingly asking her in her thread to treat me buffet for her pay rise. She really send me a gift card.
Thank you zehzeh :s12:
she gib chiu gift kad to which restoran?
:s11:
No need to send me a gift card...I also dunno how to use..lol
Quote from: Arctic on Oct 14, 2024, 08:41 PMThat's you ah? hahahhahah
@Nevereatrice
I guessed right bhutan is mummy1234
Mod sure ban one style too similar
Quote from: jim889 on Oct 14, 2024, 08:48 PMshe gib chiu gift kad to which restoran?
:s11:
Grab gift card :s12:
Quote from: Mummy1234 on Oct 14, 2024, 09:00 PMNo need to send me a gift card...I also dunno how to use..lol
Haha I also dunno how to use...
Quote from: Nevereatrice on Oct 14, 2024, 09:04 PMI guessed right bhutan is mummy1234
Mod sure ban one style too similar
Should ban her here too
Why ban me? Cause u r jealous of me?
Quote from: Mummy1234 on Oct 14, 2024, 09:31 PMWhy ban me? Cause u r jealous of me?
He joking one la.
Quote from: FireOpal on Oct 14, 2024, 02:25 PMGE is near, cannot make Income customers buay song. The deal can go thru later.
I suspect that will happen but there will be cosmetic changes to make it seem there are changes
Quote from: FireOpal on Oct 14, 2024, 02:25 PMGE is near, cannot make Income customers buay song. The deal can go thru later.
After ge confirm will pull some shenanigans.
Quote from: Arctic on Oct 14, 2024, 09:25 PMShould ban her here too
Here is love forum
Quote from: Mummy1234 on Oct 14, 2024, 09:31 PMWhy ban me? Cause u r jealous of me?
Here no report toxic one relax we tcss here
Good good