Mastodawn

Oct 17, 2024

Income-Allianz deal: MPs raise concerns abt #government blocking #foreigninvestment
"“How can we ensure tt our #regulatory environment remains predictable & welcoming for foreign invts?” asked MP Yip HonWeng (PAP-YCK). He noted tt #Singapore has a strong reputat'n as a #probusiness country.. MP Liang EngHwa (PAP-BP) called on government to reaffirm its policy of being open to foreign invts.. NMP U Chandradas raised concerns abt enactment of #legislation contemporaneously"
https://www.channelnewsasia.com/singapore/income-allianz-parliament-mp-concerns-business-hub-4682736

Income-Allianz deal: MPs raise concerns about government blocking foreign investment deals, impact on reputation

Second Minister for Finance Chee Hong Tat said Singapore remains committed to being an “open, rules-based and pro-enterprise business hub”.

CNA

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Joseph Lim

Oct 17, 2024

Income-Allianz deal: NTUC central committee didn't know about capital reduction plan
"NTUC’s central committee was briefed by #NTUC Enterprise & Income #Insurance on e “strategic imperatives” for the deal, but the #capitalreduction #plan wasn't highlighted to the central committee.. The proposed #Income - #Allianz deal had sought to decrease the #capital held by Income, returning some S$1.85 billion to #shareholders within 3 years"
👎A too-common #investmentbank #PE ploy!
https://www.channelnewsasia.com/singapore/income-allianz-deal-ntuc-central-committee-did-not-know-capital-reduction-plan-desmond-tan-4682446

Income-Allianz deal: NTUC central committee did not know about capital reduction plan, says Desmond Tan

SINGAPORE: The central committee of the National Trades Union Congress (NTUC) only knew about the capital reduction plan in the proposed deal between Income Insurance and Allianz when it was announced in parliament, said deputy secretary-general Desmond Tan on Wednesday (Oct 16). Responding to questions fr

CNA

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Joseph Lim

What the surprise decision on #Income-Allianz deal says abt #Singapore #government’s priorities
"Income hadn't kept to its promise.. no clear binding provisions or protections in deal to ensure Income’s #socialmission will be discharged.. Much now rests on quality of Income’s #management & #board to make changes if necessary, incl'g to its own organisational structure. #Singaporeans hope tt as a result, it will be even more committed to its social mission & deliver on it"
https://www.channelnewsasia.com/commentary/singapore-income-insurance-allianz-deal-government-priorities-4679031

Commentary: What the surprise decision on Income-Allianz deal says about the Singapore government’s priorities

The Singapore government’s decision to block the Income-Allianz deal is telling of the new leadership’s willingness to act when there are important principles at stake, says former veteran newspaper editor Han Fook Kwang.

CNA