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PAP member pens open letter urging Ng Chee Meng to address Income-Allianz deal, reaffirm mission

PAP member pens open letter urging Ng Chee Meng to address Income-Allianz deal, reaffirm mission

On 26 April 2025, David Leong, a former branch secretary of the People's Action Party (PAP) Thomson division, published an open letter addressed to Ng Chee Meng, the PAP candidate for Jalan Kayu Single Member Constituency (SMC).
In a Facebook post, Leong urged Ng to publicly address concerns regarding two major controversies: the failed sale of NTUC Income to Allianz, and the use of 1 Marina Boulevard, a prime asset intended to benefit workers.
Leong's open letter closely followed a similar call by Tan Suee Chieh, former CEO of NTUC Income.
Tan had earlier urged Jalan Kayu voters to question Ng's leadership, emphasising the importance of accountability, governance, and citizen responsibility.
Both letters reflect increasing pressure on Ng to clarify his role in decisions affecting workers' welfare and public trust.
Concerns over failed NTUC Income-Allianz deal
In his letter, Leong questioned why Ng had held back from clarifying his position regarding the controversial sale of NTUC Income to Allianz. He criticised Ng's silence during the critical period, stating that constituents were left craving strong, decisive leadership.
Leong stressed that Ng's leadership clarity was vital to restoring public trust ahead of the upcoming election.
Ng earlier defends actions amid mounting scrutiny
Earlier on 26 April, responding to media queries, Ng defended his involvement in the Income-Allianz deal. He stated that the proposed sale had been conducted in good faith.
Ng explained that a review had been initiated following the government's decision to halt the sale, aimed at learning lessons from the episode. 'We will learn the proper lesson out of this episode and see how we can do better,' Ng told reporters during a media interview.
He emphasised that the review would help guide future improvements, better meeting business needs and responding to public feedback.
Reflection on Ng's electoral deployment
Leong suggested that Ng's candidacy in Jalan Kayu SMC, rather than in a Group Representation Constituency (GRC), reflected both his resilience and the significant challenge ahead.
He noted Ng's loss in Sengkang GRC in 2020 and speculated that carrying him again in a GRC team could strain party dynamics. Jalan Kayu, carved from volatile blocs near Sengkang and Punggol, now represents Ng's new political battleground.
Drawing comparisons to historical battles, Leong highlighted Ng's military background as a former lieutenant-general in the Singapore Armed Forces. He argued that while Ng understood the principles of battlefield strategy, he had yet to fully apply them in the political arena.
Using examples such as the Battle of Stalingrad and Wellington at Waterloo, Leong urged Ng to better anticipate alternative parties' narratives and to actively engage Jalan Kayu residents with a compelling vision.
Leong described Ng's opponent, Andre Low of the Workers' Party, as relatively untested and less formidable compared to more seasoned alternative party candidates. However, he cautioned that silence could allow Low's narrative to dominate.
He advised Ng to leverage his NTUC leadership experience, warning that these advantages would be meaningless without vocal engagement and public reassurance.
Risks posed by NTUC Income's social mission shift
Leong further criticised the proposed sale of NTUC Income to Allianz, suggesting it risked undermining Income's mission as a social enterprise supporting vulnerable communities.
He urged Ng to acknowledge any misjudgement, reaffirm NTUC Income's social commitment, and transparently outline how future actions would better serve policyholders and workers.
1 Marina Boulevard asset use under spotlight
Leong also raised concerns about 1 Marina Boulevard, a prestigious Grade A office property intended to serve worker welfare initiatives.
Instead, it now houses NTUC leadership offices, sparking criticism that it is detached from workers' needs.
'This prime asset, granted to the Singapore Labour Foundation to advance workers' welfare, has become a symbol of disconnect, ' Leong said.
Leong questioned why such a valuable asset was not leased out to fund worker retraining and support programmes.
'Why reside in such an exclusive enclave when those funds could uplift the needy? Why not lease it and channel the proceeds to retraining initiatives or financial aid?'
Leong warned that Ng's silence could have wider political consequences.
With Sengkang led by Lam Pin Min and Punggol GRC closely contested, he cautioned that any further erosion of public trust could consolidate alternative parties' hold in these key areas.
He described Jalan Kayu as a critical extension of the battleground, where strong leadership and transparency were urgently needed.
Concluding his letter, Leong offered Ng a series of strategic recommendations:
Issue a public statement addressing the NTUC Income-Allianz controversy, acknowledging concerns and reaffirming commitment to Income's social mission. Recommit publicly to NTUC's founding purpose and consider revising policies to prioritise social objectives. Review the use of 1 Marina Boulevard, exploring leasing options to fund welfare programmes. Engage directly with Jalan Kayu residents through town halls and door-to-door outreach. Support allied efforts in Sengkang and Punggol to bolster the broader electoral front.

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Malaysian political cartoonist's travel ban stirs anger, but police call it a mistake
Malaysian political cartoonist's travel ban stirs anger, but police call it a mistake

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Malaysian political cartoonist's travel ban stirs anger, but police call it a mistake

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Group CEO Ng Chin Siau increases stake in Q & M
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Group CEO Ng Chin Siau increases his stake in Q & M
Group CEO Ng Chin Siau increases his stake in Q & M

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  • Business Times

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This included director or CEO acquisitions in Bonvests Holdings , Digital Core Reit , Megachem , PropNex , Q & M Dental Group (Singapore) , Singapore Shipping Corp , Singtel, Sinostar PEC Holdings , Stamford Land , SunMoon Food Company , TeleChoice International , Uni-Asia Group and Wing Tai . BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Q & M Dental Group (Singapore) Between May 30 and June 3, Q & M Dental Group (Singapore) non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.92 per cent to 54.23 per cent. The 2,812,300 shares were acquired by Quan Min Holdings at an average price of S$0.355 apiece. Since the end of April, Dr Ng has increased his total interest from 53.02 per cent. At the FY24 AGM in late April, Dr Ng shared that after strong organic growth during Covid, the company expects to pursue more mergers and acquisitions over the next two to three years, while the chief operating officer also noted rising interest from AI-driven firms seeking its information management and treatment services. Singtel On Jun 5, Singtel independent non-executive director Yong Ying-I acquired 150,000 shares at an average price of S$3.87 per share. This increased her direct interest to 210,000 shares. On May 22, Singtel launched a value realisation buyback programme of up to S$2 billion, funded by excess capital from asset recycling. This follows on from the group changing its dividend policy back in May 2024 to include a value realisation dividend in addition to a core dividend. Since then, the mid-term asset recycling target of S$6 billion under the Singtel28 growth plan has been raised to S$9 billion. 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At the same time, it continues to reinvest in its Japan real estate portfolio, evaluate its structure, and explore strategic partnerships to support long-term return on equity growth and close the net asset value gap. For shipping, the group is focused on restructuring and reinvesting in joint venture vessels – such as the Kellet Island initiative – to renew fleet structures and broaden both the vessel investment portfolio and stakeholder base. When market conditions are favourable, the group maintains it may consider acquiring newbuild vessels, as part of its broader fleet revitalisation strategy to gradually replace ageing ships – typically around 15 years old – with younger vessels between seven and 10 years of age. Digital Core Reit On May 28, Digital Core Management's lead independent non-executive director John Herbert acquired 250,000 units of Digital Core Reit at US$0.495 per unit. This was his first acquisition on the open market since joining the board in November 2021. Herbert has decades of global investment banking and real estate expertise, having led major real estate divisions at HSBC, Merrill Lynch, and Citigroup, and overseen deals across more than 35 countries. For its Q1FY25 (ended Mar 31), the manager reported Digital Core Reit delivered strong execution with 10 per cent growth in distributable income from Q1FY24, rising occupancy, a strategic Osaka acquisition, and successful fixed-rate debt issuance ahead of tariff impacts. In late March, the Reit also acquired a 20 per cent stake in a fully leased, purpose-built Osaka data centre for 13 billion yen (US$87 million), enhancing its Asia Pacific diversification, lifting distribution per unit by 1.8 per cent, and positioning Osaka as its fourth-largest market. The manager also highlighted that the portfolio is 98 per cent occupied, with over 85 per cent of rental revenue shielded from energy cost inflation via pass-throughs, and full freehold ownership protects against rising ground rents. Bonvests Holdings On May 30, Bonvests Holdings executive chairman Henry Ngo acquired 227,000 shares at an average price of S$0.90 per share. The acquisitions were made through Allsland, which is wholly owned by Ngo. This increases his total interest in Bonvests Holdings from 84.75 per cent to 84.80 per cent. His preceding acquisition was in November 2024 with 101,000 shares acquired at the same price. He has gradually increased his total interest in the group from 82.93 per cent in August 2018. Ngo noted in April that the rental division remains stable, while the hotel division faces rising competition, costs, and global uncertainty despite industry recovery. He added that the industrial division improved in FY24 (ended Dec 31) but continues to face headwinds in its contract cleaning and waste disposal segments due to stiff competition, rising material costs, and wage pressures. Ngo maintained that despite these challenges, the division remains focused on preserving cash and enhancing operational efficiency. PropNex On May 30, PropNex executive director and deputy CEO Kelvin Fong Keng Seong acquired 31,000 shares at an average price of S$1.01 per share. His deemed interest is 10.26 per cent. His preceding acquisitions were in April, with 86,000 shares acquired at an average price of S$1.01 apiece. At the April 23 AGM, Fong highlighted a robust pipeline of upcoming and ongoing launches, with inventory expected to reach about 18,000 units in 2025, indicating a healthy market. He also relayed that PropNex continues to lead in market share across multiple new projects, driven not just by its large salesforce but also by high productivity, strong training, and support systems. Fong also maintained that revenue from these transactions is anticipated to be recognised in the first half of 2025. Fong leads the sales and leadership training initiatives, including the flagship PropNex boot camp which empowers over 2,000 salespersons annually in collaboration with fellow team leaders. He also highlighted at the April AGM that he remains committed to developing its salespersons through training programmes, boot camps, and mindset workshops, reinforcing their role as trusted property consultants. He added that consumer education initiatives and digital tools further enhance customer engagement, while broader outreach efforts and his second book, Property Wealth System: Elevate Your Assets, Elevate Your Wealth, underscore PropNex's focus on thought leadership and empowerment. PropNex is Singapore's largest listed real estate agency. At the April AGM, executive chairman and CEO Mohamed Ismail also relayed Frost & Sullivan data that found PropNex represented 35 per cent of Singapore's salespersons strength, it accounted for 64 per cent of total property transactions for HDB resale, new launches and private residential resale (including executive condominiums, landed and non-landed) in 2024. Wing Tai Holdings Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to raise his deemed interest in the company from 61.84 to 61.85 per cent, through 100,000 shares bought by his spouse, Helen Chow. The writer is the market strategist at Singapore Exchange (SGX). To read SGX's market research reports, visit

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