Latest news with #Allianz-Income
Independent Singapore
01-05-2025
- Politics
- Independent Singapore
Ex-Income CEO Tan Suee Chieh endorses Harpreet Singh, says he'll serve Singapore's future
SINGAPORE: Tan Suee Chieh, the former chief executive officer of NTUC Income, posted on social media what is tantamount to an endorsement of the Workers' Party (WP) candidate for Punggol GRC, Harpreet Singh Nehal. Mr Tan, who explained that he is a longtime supporter of the ruling People's Action Party (PAP) and thinks well of Prime Minister Lawrence Wong, underlined that his political allegiance has not shifted, but added that 'like many, I recognise that Singapore's political culture must change'. He explained that he personally knows Mr Singh, who was his lawyer in 2022, and believes that 'strengthening diverse, capable voices in Parliament — like Harpreet Singh Nehal's — will serve our nation's future'. Interestingly, Mr Tan tagged a number of political leaders in his April 30 Facebook post, namely PM Wong, Ministers K Shanmugam, Tan See Leng , Josephine Teo, Edwin Tong, and Vivian Balakrishnan; Workers' Party chief Pritam Singh, Progress Singapore Party (PSP) chair and former PAP MP Tan Cheng Bock , and Mr Harpreet Singh himself. In the past few days, Mr Tan wrote two open letters that have received a lot of attention. In the first one, published on April 27, he appealed to voters in Jalan Kayu SMC , urging them to hold NTUC Secretary-General Ng Chee Meng accountable for the aborted Income Insurance-Allianz deal. Mr Ng is hoping to return to Parliament through a win at Jalan Kayu. In a second open letter on April 28 , Mr Tan publicly called on Deputy Prime Minister Gan Kim Yong to address unresolved concerns surrounding the blocked deal. He said that the issue is a matter of leadership, governance, and public trust. In a rally that night, Mr Singh asked if the Deputy Prime Minister would answer Mr Tan's questions. Mr Tan wrote on April 29 that 'Singapore stands at an important crossroads' and added that he has been 'offering reflections on how we can renew our resilience.' He attached a two-page document to his post, explaining his political views and relationship to the WP candidate. FB screengrab/Tan Suee Chieh FB screengrab/Tan Suee Chieh While he wishes PM Wong success 'in leading a transformational national reset', he recognises that there may be fewer PAP MPs — but he believes that 'if handled well', this will be to Singapore's advantage. Regarding Mr Singh, he wrote that the latter had been his lawyer when he raised private objections regarding the corporatisation of NTUC Income, because he wanted to make sure his r epresentations were 'legally sound and appropriately framed'. Last July, Mr Tan engaged Mr Singh again at the beginning of the Allianz-Income deal, though he was unaware at that point of Mr Singh's political interests. 'The Allianz-Income issue was about integrity and public trust, not politics. 'From my professional dealings with Mr. Harpreet Singh Nehal, I can say: '1. His professional standards are high, and his strategic thinking is excellent. '2. He has maintained strict confidentiality and professionalism at all times. '3. He had no prior knowledge of my recent public postings about Jalan Kayu or Punggol, nor this current one. '4. He has never sought my endorsement for his political activities in any way. 'I believe that someone of Harpreet's calibre, Parliament would strengthen, not weaken, professionalism and ethical standards serving Singapore's governance, resilience, and adaptability,' wrote Mr Tan. /TISG Read also: Harpreet Singh asks DPM Gan, 'Will you answer Tan Suee Chieh's questions about the Income-Allianz deal?'
Online Citizen
29-04-2025
- Business
- Online Citizen
GE2025: Andre Low positions himself as underdog against Ng Chee Meng in Jalan Kayu SMC, offers fresh ideas
SINGAPORE: During a media doorstop at the Fernvale Hawker Centre and Market walkabout on 27 April, Workers' Party (WP) candidate Andre Low presented himself as the underdog in his bid for Jalan Kayu SMC, where he is up against Labour Chief Ng Chee Meng. Accompanied by WP Chair Sylvia Lim and Secretary-General Pritam Singh, Low, 33, highlighted the contrasts between himself and Ng, 56, emphasizing their differing backgrounds. 'Ng is a scholar and a general. He has reached the very top of the military career pathway, while I spent my career in the private sector, taking on various roles,' said Low, a former lawyer turned tech professional. He also noted that Ng's background is 'slightly over-represented in Parliament' and urged Jalan Kayu residents to consider a 'different kind of parliamentarian'—someone fresh, energetic, and full of new ideas. 'I hope they will place their trust in me,' Low added. Ng, a former Chief of Defence Force, entered politics in 2015 as part of the PAP team contesting Pasir Ris–Punggol GRC. He went on to serve as Minister for Education (Schools) and Second Minister for Transport, and in 2018 became Secretary-General of the National Trades Union Congress (NTUC). Low expressed that he 'relishes the challenge' of competing against Ng, someone he believes represents many aspects of Singapore's governance that he opposes. 'Ng comes with a star-studded CV. He literally has three stars to his name. I don't have a single one,' he quipped. When questioned about online posts regarding Ng's involvement in the Income-Allianz deal, including an open letter by former NTUC Income CEO Tan Suee Chieh, Low declined to delve deeply into the matter. He noted that the controversy symbolized 'a broader issue with the way governance is done in Singapore today.' On Sunday, Tan published an open letter urging Jalan Kayu residents to seek a full explanation from Ng regarding his role in the Allianz-Income affair, in which the German insurer Allianz attempted to acquire a majority stake in Income, but the deal was blocked by the government last October. 'It's just one of many missteps our previous administration has made over the last parliamentary term,' Low said, urging Jalan Kayu residents to read Tan's letter and form their own opinions. 'There are too many unanswered questions, and I think Singaporeans at large—not just Jalan Kayu residents—deserve some answers,' he added. Low also emphasized that voters should not focus on individual issues when making their electoral choices. 'You should assess the government's performance as a whole when evaluating the candidates,' he advised. When asked if the ongoing controversy could give him an edge in the polls, Low acknowledged Ng's superior experience but reaffirmed his stance as the 'underdog.' 'He is a much more experienced person than me, and I really hope voters will embrace my message of a fresh perspective,' Low concluded. If elected, Low pledged to advocate for better access to public housing, particularly for groups such as single mothers and singles under 35. He also expressed intentions to address concerns about the cost of living and housing affordability. Pritam Singh Responds to PM Lawrence Wong's Rally Speech In response to Prime Minister Lawrence Wong's rally speech in Chua Chu Kang on Saturday night, Singh addressed concerns about the potential risks of increasing opposition representation in Parliament. Wong had warned that voting in more opposition candidates could risk losing potential officeholders and weaken the People's Action Party (PAP) government. He further suggested that supporting the opposition was akin to jeopardizing Singapore's future and the safety of its citizens. Singh, however, disagreed with this view, asserting that if the PAP requires more than two-thirds of parliamentary seats to function effectively, it signals a deeper issue within the ruling party's processes and the political system. 'If the PAP believes it needs more than two-thirds of the seats, that reflects a weakness in their position,' Singh said. 'Even with one-third of Parliament made up of opposition MPs, the government would still be free to tackle both current issues and future challenges.' Singh argued that the notion that a PAP government can only function effectively with 90 percent of the seats, even with 60 percent of the vote, shows an underlying fragility within the party. 'If the prime minister is suggesting that we need 90 percent of the seats to govern properly, then I think the PAP is already in a very weak position,' he said. Singh also addressed concerns about the loss of potential officeholders, pointing out that there are alternative ways for individuals to serve the nation. He referenced the PAP's loss of Aljunied GRC to the WP in the 2011 General Election, where then-Foreign Minister George Yeo was part of the losing PAP team. Despite the defeat, Singh noted, Yeo has continued to contribute to Singapore in various capacities. Singh also pointed to labour chief Ng Chee Meng, who was part of the PAP team that lost Sengkang GRC in 2020 and is now contesting in Jalan Kayu SMC. 'I'm not taking anything away from him, but he has his heart for workers. The PAP system will not prevent good people from serving the country in many ways,' Singh said. However, he emphasized that opposition MPs do not enjoy the same safety nets and resources as their PAP counterparts, urging voters to consider this reality when casting their ballots. 'When we offer a strong slate of candidates for the elections, I ask Singaporeans to carefully consider the value of having more solid opposition voices in Parliament,' he concluded. Addressing the Controversy Surrounding Noor Deros Singh also responded to questions regarding Malaysia-based Singaporean Islamic preacher Noor Deros, who has recently come under scrutiny for his involvement in encouraging voters to vote along religious lines. Noor made several claims through Facebook posts that mixed race, religion, and politics, and allegedly met with WP representatives. When asked why the WP had not addressed Noor's claims sooner, Singh stated that the party had already responded 'very promptly.' He emphasised that anyone could claim to have the support of WP MPs, but the crucial question was whether the party would align with such claims. 'Anyone can say, 'I have the support of WP MPs, and I'm running my ideas through them,' but the key question is: will the Workers' Party MPs support them? We will not. We will exercise our voice in Parliament today on behalf of all Singaporeans, in a multi-racial, secular context,' Singh affirmed. Reevaluating the Role of Community Development Councils In response to questions about the role of Community Development Councils (CDCs), Singh acknowledged their historical role in addressing issues such as job insecurity and providing support for Singaporeans. However, he suggested that the relevance of CDCs may need to be reconsidered as responsibilities have shifted to other government agencies. 'These tasks have been transferred to different agencies, but the CDCs are still around. The current CDC system is due for a serious relook,' he said. Singh also remarked that the distribution of cash vouchers by the CDCs could be managed through other government agencies, such as the Ministry of Finance (MOF). 'I could call them MOF vouchers, and that would still be a legitimate transfer from the government to Singaporeans,' he said. When asked about the salaries of mayors who head the CDCs, reported to be S$660,000 annually, Singh declined to comment directly, stressing that the issue was not one of jealousy. While acknowledging the high salaries, he emphasized that the services rendered by the CDCs could be continued without the current system. 'We can continue providing these services without maintaining the current structure,' he concluded.
AsiaOne
27-04-2025
- Business
- AsiaOne
GE2025: 'We will learn the right lessons and do better,' says NTUC chief Ng Chee Meng on Allianz-Income deal, Singapore News
Jalan Kayu SMC People's Action Party (PAP) candidate Ng Chee Meng has said that he will learn from the feedback from the Allianz-Income saga and do better. He addressed the matter during the party's rally at Fern Green Primary School on Sunday (April 27) evening. Ng said that in the course of his work in NTUC Enterprise, problems do occasionally rear their heads at them, such as the Income-Allianz deal. "The proposed deal was done in good faith and was in compliance with legal and MAS (Monetary Authority of Singapore) regulations," he recalled in his speech. "We thought in the labour movement that it was a reasonable deal." Ng explained that at the time, Income's market share in Singapore had dropped from 20 per cent to six per cent over 10 years, and there was a "real threat to the sustainability of Income, especially in moments of crisis". "The proposed deal could strengthen Income and, most importantly, protect the interests of Incomes policy holders," he said, adding that a stronger Income would enable NTUC to pursue social missions in wider spaces besides insurance. But as details of the proposed plan surfaced, Ng said, the "government saw it differently and stopped it by changing the law". "NTUC could not have known that the law would be changed," he added. Stating that he sincerely respected the government's view and accepted them blocking the deal, he also acknowledged the public feedback received. "I've initiated a review in NTUC Enterprise so that we can learn the right lessons humbly, do better for fellow Singaporeans," he said. "In NTUC, we will do our best, and sometimes I'm sorry that it is not good enough. But we will learn the right lessons, and we will do better," he affirmed. Former NTUC Income Insurance chief executive Tan Suee Chieh and Straits Trades executive director David Leong had each called for accountability from Ng for supporting the Income-Allianz deal in separate Facebook posts on Sunday. Ng, who is also the secretary-general of the National Trades Union Congress (NTUC), was accompanied by the PAP's Ang Mo Kio GRC candidates Senior Minister Lee Hsien Loong, incumbent MPs Darryl David and Nadia Ahmad Samdin, as well as new faces Jasmin Lau and Victor Lye. Sengkang GRC candidate Dr Lam Pin Min, NTUC vice-president Abdul Samad Abdul Wahab, Kebun Baru SMC candidate Henry Kwek and Yio Chu Kang SMC Yip Hon Weng were also present. Government originally supported deal: SM Lee SM Lee also spoke at the rally and addressed the aborted deal as a "serious matter". The labour movement felt it was a reasonable deal, and we supported it, he recalled, adding that the government looked at the deal and had determined that it met all legal requirements and MAS regulations. "But after the issue was discussed further and we went further into the matter, the government found out more things and decided, no, we have to change our mind," SM Lee said. "We have to say we oppose this deal. But we have to change legislation, change the law, so that we can block it." He then highlighted that this showed how the PAP is accountable to Singapore for doing the right thing, whereas the Workers' Party (WP) "had nothing to do with this". He elaborated: "When we went for the legislation, Workers' Party abstained. So if it had been left to the Workers' Party as government, then the deal would have gone through because they did not oppose it." At a WP rally in Tampines on Saturday, party chief Pritam Singh said that the "Workers' Party MPs promptly filed questions to call on the government" about the deal. "Not a single PAP labour MP asked a question about this issue in Parliament," he added. Earlier in his speech, SM Lee also commended Ng's character for having "the grit" and "the sense of responsibility" to stand by his post during the Covid-19 pandemic despite losing his seat in GE2020. "He proved himself, reliable, trustworthy, committed," SM Lee said. "Therefore, this election... I recommended to the PM, and the PM agreed and invited Ng Chee Meng to stand again." Allianz-Income deal German insurer Allianz had offered $2.2 billion in cash for at least 51 per cent of shares for Income Insurance in July last year. The government intervened in October, calling off the deal as it decided it would not be in the public interest. Two months later, Allianz pulled out of the deal. [[nid:717272]] khooyihang@
Business Times
27-04-2025
- Business
- Business Times
GE2025: Allianz-Income deal was done in good faith, says labour chief Ng Chee Meng
[SINGAPORE] The Allianz-Income deal was done in good faith and in compliance with regulations from the law and Monetary Authority of Singapore, said labour chief Ng Chee Meng on Sunday (Apr 27) night. Addressing the proposed S$2.2 billion sale of the homegrown insurer to the German insurance giant which stirred much controversy, Ng said: 'In NTUC (National Trades Union Congress), we will do our best and sometimes I'm sorry that it's not good enough. But we will learn the right lessons and we will do better.' The labour movement thought the deal was reasonable, said Ng, the People's Action Party (PAP) candidate for Jalan Kayu SMC, in a rally speech. The NTUC secretary-general noted how Income's market share had dropped from 20 per cent to 6 per cent in the last 10 years. 'There was a real threat to the sustainability of Income especially in moments of crisis. The proposed deal would strengthen Income and most importantly protect the interest of Income's policy holders,' he said. However, as the details of the proposed Allianz deal surfaced, Ng said that the government 'saw it differently' and stopped it by changing the law. 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 '(At) NTUC, we could not have known that the law would be changed but we sincerely respected the government's view and accept it, humbly acknowledge the public feedback we've received,' he said. A review of NTUC Enterprise has been initiated so that the labour movement can learn the right lessons and do better for Singaporeans, Ng said. In his rally speech, Ng also responded to comments made on Saturday by Workers' Party (WP) chief Pritam Singh that were directly aimed at him. Ng said: 'Unlike somebody last night who said that NTUC is a safety net, a trampoline, a catchment when we lose the elections, it is simply not true. I am elected as the secretary-general of NTUC every four years and I count on the mandate of workers and unionists electing me into the central committee.' He added: 'In Parliament, as an MP, I can speak up for workers. I can speak up for residents of Jalan Kayu SMC when national interests are debated and major decisions are made, both for the workers and all the residents of Jalan Kayu.' At the same rally, Senior Minister Lee Hsien Loong also gave his full support to Ng. SM Lee said that while Ng was not an MP for the last five years after losing the 2020 election, he continued to contribute by serving as labour chief and working closely with the government to support workers through the pandemic. 'He proved himself reliable, trustworthy, committed. Therefore, this election, I recommend it to (Prime Minister Lawrence Wong). And the PM agreed and invited Chee Meng to stand again,' said SM Lee. Earlier on Sunday, Ng's opponent in the general election, first-time WP candidate Andre Low, was asked by reporters for his views on the Allianz-Income deal. Said Low: 'It is just one of many missteps our previous administration has had over the past parliamentary term... But all I would say is, there (are) still many unanswered questions, and I think Singaporeans at large, not just Jalan Kayu residents, deserve some answers.' Low added that while he has received a warm welcome from the constituency's residents, he still regards himself as the underdog. He said: 'I represent a very different kind of candidate from my PAP opponent. We are over in 20 years of age apart. (Ng) is a scholar and a general. He's reached the very top of the military career pathway. I spent my entire career in the private sector (in) many different roles.' 'As far as my opponent is concerned, he's slightly over-represented in Parliament. I feel it's time for Jalan Kayu residents to make a choice if they want a different kind of parliamentarian – someone fresh, someone energetic, someone with new ideas,' said Low.
