Income-Allianz deal: NTUC central committee did not know about capital reduction

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SINGAPORE: The central committee of the National Trades Union Congress (NTUC) only knew about the capital reduction plan in the proposed deal between Income Insurance and Allianz when it was announced in parliament, said deputy secretary-general Desmond Tan on Wednesday (Oct 16).
Responding to questions from MPs during the debate on the Insurance (Amendment) Bill, Mr Tan, who is also senior minister of state in the Prime Minister's Office, said that NTUC is a major shareholder of NTUC Enterprise, but does not get involved in the day-to-day running of operations.
He said that the NTUC's central committee was briefed by NTUC Enterprise and Income Insurance on the "strategic imperatives" for the deal, but the capital reduction plan was not highlighted to the central committee.
"In fact, the central committee and myself only knew of this on Monday at the ministerial statement," said Mr Tan.
The proposed Income-Allianz deal had sought to decrease the capital held by Income, returning some S$1.85 billion to shareholders within three years.
This is a developing story. Refresh for updates.


https://www.channelnewsasia.com/singapore/income-allianz-deal-ntuc-central-committee-did-not-know-capital-reduction-plan-desmond-tan-4682446?cid=internal_sharetool_iphone_16102024_cna

[Mummy1234]

Is unbelievable that they don't know the details and yet approved it. Someone is lying.

[GhostZM]

Is unbelievable that they don't know the details and yet approved it. Someone is lying.

Really treat us as kumgong..
Oh wait..yes..at least 70% are daft


CheerS!!!😉

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wah so good. i also wish i can tell my boss.

i dont know

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who is responsible for this?

lol boss i dont know

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if not because of public pressure and people like tan kin lian, tommy goh and another ex ntuc CEO

and public opinion including those trained in finance asking

then how?

[Mummy1234]

This is blowing up into a big pre election embarrassment.

[Mummy1234]

Lim Boon Heng, Ng Chee Meng and Desmond Tan, Alvin Tan and Chee Hong Tat all needs to go

[encourageSome1]

wah so good. i also wish i can tell my boss.

i dont know

Yea but in the eyes of law
Don't know also must bear responsibility na

[encourageSome1]

if not because of public pressure and people like tan kin lian, tommy goh and another ex ntuc CEO

and public opinion including those trained in finance asking

then how?

I thk they go read edmw also 🤔🤣

[Arctic]

Either sleeping on the job or someone is lying

[Shiori]

CAD n CPIB better investigate them

[Philipkee]

I am actually very curious. What if this happened

There is NO capital reduction deal or anything. Allianz just pumps in $2 billion for 51% stake. Good deal so far?

Then after that implements a capital reduction deal and it goes through cos they are the majority shareholder

Why couldn't this happen?

[bsg]

I also dunno

How can expect brother ng to know

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I am actually very curious. What if this happened

There is NO capital reduction deal or anything. Allianz just pumps in $2 billion for 51% stake. Good deal so far?

Then after that implements a capital reduction deal and it goes through cos they are the majority shareholder

Why couldn't this happen?

not finance trained but what i read is they pump in 2b, then can repay shareholders (incl themselves) 1.85b within dunno 1-2 yrs

means they actually realised/recouped 0.15b in actual cash within 2 yrs and will still be major shareholder........ of course super good deal

150m for ntuc income in entirety? after that still got things that can sell and NTUC is not like an empty shell also