Leong Mun Wai on Insurance (Amendment) Bill
For the sake of Singapore and the 1.7 million policyholders of Income, it is important to stop the Income deal with Allianz in its current form, said NCMP Leong Mun Wai. Speaking in Parliament on Wednesday (Oct 16), he described the proposed deal as an “asset stripping exercise” in favour of shareholders, with little consideration for the social mission and interest of policyholders. Had the deal gone through, NTUC Enterprise would have relinquished control over Income while unlocking hundreds of millions of dollars from the capital reduction exercise, he said. This would have been another “sad case” of Singapore losing control over a key strategic company for cash, he added. Mr Leong pointed out that a capital reduction exercise should have raised alarm bells. He urged the Government to take lessons from this incident and do more to improve whole-of-Government coordination when making major decisions that impact areas governed by multiple agencies.
For the sake of Singapore and the 1.7 million policyholders of Income, it is important to stop the Income deal with Allianz in its current form, said NCMP Leong Mun Wai. Speaking in Parliament on Wednesday (Oct 16), he described the proposed deal as an “asset stripping exercise” in favour of shareholders, with little consideration for the social mission and interest of policyholders. Had the deal gone through, NTUC Enterprise would have relinquished control over Income while unlocking hundreds of millions of dollars from the capital reduction exercise, he said. This would have been another “sad case” of Singapore losing control over a key strategic company for cash, he added. Mr Leong pointed out that a capital reduction exercise should have raised alarm bells. He urged the Government to take lessons from this incident and do more to improve whole-of-Government coordination when making major decisions that impact areas governed by multiple agencies.
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