Corrupt Hands Behind NTUC Sale?

[CoffeeAhSoh]

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I am a friend and admirer of Lim Boon Heng, the chairman of NTUC Enterprise. I hope he will not be offended if I say that I am not convinced by his press conference on the reasons why Enterprise is willing to sell a majority stake in INCOME to a German insurance company.

First, I wish to recall that INCOME was established as a cooperative by none other than the legendary Dr Goh Keng Swee. Its mission was to make insurance accessible and affordable to the ordinary people of Singapore. For the past 54 years, it has fulfilled its mission and looked after the insurance needs of 2 million customers.

Second, in 2010, INCOME launched the Family Micro-Insurance and Savings Scheme, a free insurance scheme for low-income families with young children. In 2013, it was the first insurance company to provide insurance coverage for children with autism. I don’t think a foreign insurance company would have launched such products.

Third, INCOME is not a loss making company in need of rescue. In its 54 year history it has always been a profitable company. In view of this fact why does NTUC Enterprise wish to sell INCOME? Is it because it will make a profit of $ 1 billion?

Fourth, as an older Singaporean, I feel sad that for many younger Singaporeans nothing is sacred and everything is for sale. We should remember the warning by our first foreign minister, S Rajaratnam. He warned us not to become a nation of people who know the price of everything but the value of nothing.

 

[laksaboy]

Are there any Sinkies out there who, when deciding to buy insurance, see all the brands out there and insist on buying NTUC Income's insurance because it's govt-linked or 'more reputable' or 'more affordable'?

Do such buffoons exist? Are there many of them?

 

[CoffeeAhSoh]

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In a rare public disagreement, Professor Tommy Koh has openly challenged the rationale provided by Mr Lim Boon Heng, chairman of NTUC Enterprise, for selling a majority stake in Income Insurance to German insurer Allianz.

Prof Koh's response, posted on his Facebook page on Wednesday (31 July), raises critical questions about the decision's impact on Income's mission and legacy. He emphasized Income's founding mission to make insurance accessible and affordable to ordinary Singaporeans and questioned if such socially responsible products would continue under Allianz's ownership.

Mr Lim argued that selling the stake would strengthen Income, making it more competitive and able to offer better prices to consumers.

He cited Income’s declining market share in Singapore’s competitive insurance market and highlighted past challenges in raising capital as a cooperative.

Mr Lim explained that the proposed deal with Allianz would enable Income to leverage Allianz’s global expertise and financial strength, thus enhancing its competitiveness and ability to offer better prices and products to consumers.

He emphasized that while the partnership would introduce a new dynamic, the foundational values and mission of Income should continue to be upheld, and trust would need to be earned through future actions.

Read more: gutzyasia.com/PrNL

 

[batman1]

Why the necessjty to sell state assets? DEFICIT in fhe national reserves?They hide the truth argui g it is state secret.If i am not wrong,Lim Boon Heng the crybaby is the chairman of temasek n minister without portfolio under PMO.

 

[batman1]

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Follow us on Telegram: https://t.me/theonlinecitizenasia

In a rare public disagreement, Professor Tommy Koh has openly challenged the rationale provided by Mr Lim Boon Heng, chairman of NTUC Enterprise, for selling a majority stake in Income Insurance to German insurer Allianz.

Prof Koh's response, posted on his Facebook page on Wednesday (31 July), raises critical questions about the decision's impact on Income's mission and legacy. He emphasized Income's founding mission to make insurance accessible and affordable to ordinary Singaporeans and questioned if such socially responsible products would continue under Allianz's ownership.

Mr Lim argued that selling the stake would strengthen Income, making it more competitive and able to offer better prices to consumers.

He cited Income’s declining market share in Singapore’s competitive insurance market and highlighted past challenges in raising capital as a cooperative.

Mr Lim explained that the proposed deal with Allianz would enable Income to leverage Allianz’s global expertise and financial strength, thus enhancing its competitiveness and ability to offer better prices and products to consumers.

He emphasized that while the partnership would introduce a new dynamic, the foundational values and mission of Income should continue to be upheld, andillill trust would need to be earned through future actions.

Read more: gutzyasia.com/PrNL

LIM Boon Heng will never debate with Tommy,only with students.555

 

[True Believer]

 

[batman1]

The basic truth and reality is : After the sale NTUC Income will become a Foreign Entity (51% Subsidiary) of Alliance (Parent Company).

 

[laksaboy]

The basic truth and reality is : After the sale NTUC Income will become a Foreign Entity (51% Subsidiary) of Alliance (Parent Company).

Reminds me of how Eu Yan Sang was sold not too long ago.

https://www.channelnewsasia.com/sin...tsui-rohto-pharmaceutical-516-million-4387746

 

[jsctan]

I fear it is Hyflux-II

Hyflux PTE coy. NTUC GLC...

 

[True Believer]

Corruption is a dirty word in S'pore. There is nothing wrong in deciding each other's wages in Govt; it is a form of laundering.

 

[True Believer]

S'poreans have already been sold out by Iswaran and his MIW colleagues to India through CECA. Iswaran showed his true colours, while his ministerial colleagues were simply outclassed at the negotiation table.

 

[KingFook Sr]

PAP linked .... hmm...
No longer clean like before .... those were the lky days.
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Just the threat of prosecution is enough for minister to commit suicide. Honourable.

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Nowadays ... so many are dirty and fighting.

 

[Papsmearer]

PAP linked .... hmm...
No longer clean like before .... those were the lky days.
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Just the threat of prosecution is enough for minister to commit suicide. Honourable.

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Nowadays ... so many are dirty and fighting.

Since when were the LKY days clean? They were dirty from day one. Want to porlumpar, also use some brains lah. U heard of Teh Cheang Wan? U ever heard of how Old Fart's law firm pow karleow all the HDB conveyancing contracts? U know how many hundreds of millions $ Lee and Lee earned from that? What about the Nassim Jade scandal? so many other scandals. don't talk cock here and say he is clean.

 

[joemartini]

It's your problem when what goes around comes around.

agreed. But I don't have any investment or insurance with NTUC income. I buy investments and insurance with private companies and I fully understand any of them can simply go belly up any time...(AIA/AIG in 2009). Your investment and insurance policies with NTUC income now starting to worry you with this Allianz saga????

 

[joemartini]

I fear it is Hyflux-II

or even Minibond.

 

[jsctan]

Sell, sell, sell.....Sg is for sale!

 

[joemartini]

Hyflux PTE coy. NTUC GLC...

hyflux was unveil with huge fanfare with LHL to cut ribbon YES? OLIVIA LUM close friends with hc yes???

 

[joemartini]

Since when were the LKY days clean? They were dirty from day one. Want to porlumpar, also use some brains lah. U heard of Teh Cheang Wan? U ever heard of how Old Fart's law firm pow karleow all the HDB conveyancing contracts? U know how many hundreds of millions $ Lee and Lee earned from that? What about the Nassim Jade scandal? so many other scandals. don't talk cock here and say he is clean.

excellent reply!!! these are the fucking blind sarkar running dogs.

 

[joemartini]

Lim Boon Heng
Tommy Koh
Edwin Tong
Tan Kin lian
Tan Suee Chieh, former CEO of NTUC Income
Ronald Ong-chairman of Income Insurance and senior executive at Morgan Stanley.

Tharman no action, no audio, no video.
LHL no action,no audio, no video.
LW no action, no audio, no video.

scandal or scam and got exposed and caught with many hands in the cookie jar in the middle of the night trying to seize what is left of the stale and soft cookies, when someone turned on the glaring kitchen spot light suddenly.

then everyone start finger pointing everybody.
Person A suggest it!!
Person B made me do it!!
Person C planned it!!
Person D supported it!!

need some familiar names to ring some bells?
Hyflux, NOL, minibond->lehman bros->GFC 2008, Suzhou indus park,

analyse it closer.
NTUC income - govt/PAP/LKY related/associated. sure must safe.
POSB/DBS - guaranteed by govt/PAP/LKY. confirmed safe.
so when you buy insurance - buy NTUC income.
when you open bank account - open with POSB/DBS.

that is the mindset. the LEE KUAN YEW mindset of the WW2 and even the 50s-70s generation.

 

[joemartini]

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



any expert can explain what is capital reduction??? thanks.

now backed out at the 10 or 11th hour....need to pay penalty to Allianz?