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

[Arctic]

Whole mgmt should be investigated and sacked immediately

They are not some low rank and file employees. How can duno?

[jim889]

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

wah really gotch issue.. only take $$$$ sit in board and wayang but dunno wat the kompany is doing

 

[Banned User]

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

like money laundering. "Invest" 2bn and let ntuc income wash money clean clean. Cash out 1.85bn and get 51% stake.