Corrupt Hands Behind NTUC Sale?

[Papsmearer]

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?

This is the boy's club sell to each other lah. Peasants don't need to know the details

 

[birdie69]

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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

The logic provided by Lim.Boon Heng is the same as increase GST to help.the poor, lol!