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Allianz-Income deal in its current form called off as it’s not in the public interest: Edwin Tong in Parliament
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oh yeah, i didn't notice it. you are sharp. So can you point out more on this?
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Another terrible PAP mistake spotted. This one U-turn fast enough.
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I can sense it also.
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On hold after elections
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Lim Tean
PV Demands That Tharman Convenes Immediately A Commission Of Inquiry To Investigate Why NTUC Enterprise(NE) And NTUC Income(NI) Did Not Disclose To The Public That The Deal With Alliance Would Have Involved Capital Extraction On NI’s Part???????
PV is very shocked to learn that NI’s proposed deal with Allianz would have involved a capital extraction on NI’s part after the deal was concluded.
How can any capital extraction have strengthened NI’s financial position post the deal,thus enabling it to fulfill its social mission?The obvious answer is that NI’s financial position would have been significantly weakened and it would not have been possible for it to fulfil its social mission! At least that is my conclusion!
But regardless of my opinion,why did NI and NE not think this was material information which should have been disclosed to Singaporeans? The Chairman of NE is Lim Boon Heng, who is also the Chairman of Temasek Holdings.The Chairman of NI is Ronald Ong who is also the Chairman of Morgan Stanley(Singapore).Did both these gentlemen,who are Chairmen of well-known financial entities not think that this matter of capital extraction is most relevant and has serious consequences for NI’s financial strength and its ability to fulfil its social mission?
IT IS SHOCKING THAT THE CAPITAL REDUCTION WAS NOT DISCLOSED.PERIOD!!!!
PV will consider it an absolute dereliction of duty by Tharman if he does not convene the COI!
PV Demands That Tharman Convenes Immediately A Commission Of Inquiry To Investigate Why NTUC Enterprise(NE) And NTUC Income(NI) Did Not Disclose To The Public That The Deal With Alliance Would Have Involved Capital Extraction On NI’s Part???????
PV is very shocked to learn that NI’s proposed deal with Allianz would have involved a capital extraction on NI’s part after the deal was concluded.
How can any capital extraction have strengthened NI’s financial position post the deal,thus enabling it to fulfill its social mission?The obvious answer is that NI’s financial position would have been significantly weakened and it would not have been possible for it to fulfil its social mission! At least that is my conclusion!
But regardless of my opinion,why did NI and NE not think this was material information which should have been disclosed to Singaporeans? The Chairman of NE is Lim Boon Heng, who is also the Chairman of Temasek Holdings.The Chairman of NI is Ronald Ong who is also the Chairman of Morgan Stanley(Singapore).Did both these gentlemen,who are Chairmen of well-known financial entities not think that this matter of capital extraction is most relevant and has serious consequences for NI’s financial strength and its ability to fulfil its social mission?
IT IS SHOCKING THAT THE CAPITAL REDUCTION WAS NOT DISCLOSED.PERIOD!!!!
PV will consider it an absolute dereliction of duty by Tharman if he does not convene the COI!
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Two questions: Has Lim Tean forgotten what kind of country we live in? And what is the 'social mission' of the insurance wing of the fake labour union that is NTUC?
Oh, and good luck getting the WEF moonlighting fuckboi Tharman to convene a COI.
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Aiya it’s just wayang la. Read between the fucking lines… “in its current form”. Meaning if the form changes, it’s back on again!
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NOL went broke thanks to Umbrage Ng paper general sold to France no sound no protest by daft sinkies
NTUC income lots of insurance holders wanna sell to Allianz then come and kpkb, retard sinkies will only wake up when they are affected themselves
NTUC income lots of insurance holders wanna sell to Allianz then come and kpkb, retard sinkies will only wake up when they are affected themselves
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https://en.wikipedia.org/wiki/Chartered_Semiconductor_Manufacturing
Chartered Semicon sold off in 2009.
https://en.wikipedia.org/wiki/Neptune_Orient_Lines
NOL sold in 2016.
All sold off during the reign of the Useless Son. Hope you can begin to see a pattern now.
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NCMP Leong Mun Wai voiced his shock and disappointment after learning that NTUC Enterprise’s planned capital extraction from NTUC Income, following its proposed sale to German insurer Allianz, was not disclosed to the public.
Mr Leong raised these concerns in Parliament after Culture, Community, and Youth Minister Edwin Tong announced the government’s decision to block the deal, which had been announced on 17 July 2023.
The deal would have allowed Allianz to acquire a majority stake in NTUC Income.
However, Mr Tong stated that the government determined it would not be in the public interest for the transaction to proceed due to concerns over NTUC Income’s ability to maintain its social mission after the acquisition.
A key issue raised by the Ministry of Culture, Community, and Youth (MCCY) was the proposed capital reduction, which was not made clear during earlier discussions.
The lack of transparency regarding these details particularly troubled NCMP Leong Mun Wai.
During the parliamentary session, Leong expressed shock over the disclosure of NTUC Enterprise’s intention for capital extraction, a critical component of the deal.
He argued that such information should have been made publicly available from the outset of the proposed transaction.
“This information should be available to all Singaporeans,” Leong said, criticising the failure to disclose key financial conditions. “
For the last few months, we were under the impression that the information provided was complete. Now, we learn about capital extraction, which is a very important condition of any financial deal.”
#SGParliament #leongmunwai
Mr Leong raised these concerns in Parliament after Culture, Community, and Youth Minister Edwin Tong announced the government’s decision to block the deal, which had been announced on 17 July 2023.
The deal would have allowed Allianz to acquire a majority stake in NTUC Income.
However, Mr Tong stated that the government determined it would not be in the public interest for the transaction to proceed due to concerns over NTUC Income’s ability to maintain its social mission after the acquisition.
A key issue raised by the Ministry of Culture, Community, and Youth (MCCY) was the proposed capital reduction, which was not made clear during earlier discussions.
The lack of transparency regarding these details particularly troubled NCMP Leong Mun Wai.
During the parliamentary session, Leong expressed shock over the disclosure of NTUC Enterprise’s intention for capital extraction, a critical component of the deal.
He argued that such information should have been made publicly available from the outset of the proposed transaction.
“This information should be available to all Singaporeans,” Leong said, criticising the failure to disclose key financial conditions. “
For the last few months, we were under the impression that the information provided was complete. Now, we learn about capital extraction, which is a very important condition of any financial deal.”
#SGParliament #leongmunwai
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