Ng Chee Meng should account for his role in Allianz deal since he’s standing for election: Tan Suee Chieh
Less than a week before Singapore goes to the polls in the 2025 General Election, former Income chief executive officer Tan Suee Chieh has lobbed a bombshell at NTUC chief Ng Chee Meng, who is contesting Jalan Kayu SMC.
Mr Tan asked Mr Ng to address the collapsed deal for Allianz to acquire Income, which Mr Ng duly did during an election rally that night.
Source: Tan Suee Chieh on Facebook and Lee Hsien Loong on YouTube
Ng Chee Meng ‘remained silent’ on Allianz deal: Tan
Mr Tan, who was Income CEO from 2007 to 2013 and NTUC Enterprise Group CEO from 2013 to 2017, posted an open letter to Jalan Kayu voters on LinkedIn on Sunday (27 April).
It noted that Mr Ng, as NTUC Secretary-General, had endorsed the sale of Income to the German financial services company in a statement on 5 Aug 2024. If it went through, Allianz would have acquired a 51% stake in Income for about S$2.2 billion.
In late July, though, Mr Tan had written privately to him to express his concerns over the deal.
However, Mr Ng “did not respond” to any of his representations, Mr Tan alleged.
Source:Â Google Maps
As public concern intensified, he also claimed the NTUC chief did not engage.
Even as “serious questions were raised across society” from August to October, Mr Ng “continued to remain silent” on the issues, Mr Tan said.
Thus, Mr Tan questioned why Mr Ng and other NTUC leaders did not engage more openly with those who were “deeply troubled” by the potential sale.
Questions are about leadership, says Tan
Describing his questions as “not about partisanship”, Mr Tan said that they were about the “responsibilities of leadership”, adding:
As Secretary-General of NTUC and a member of the NTUC Enterprise Board that approved the deal, Mr Ng bears leadership responsibility for what transpired.
He asked whether Mr Ng believed that leadership involves not only supporting proposals, but “accepting accountability and addressing legitimate public concerns when outcomes diverge from expectations”?
He hoped that Mr Ng would address this issue candidly as citizens and NTUC members deserve the opportunity to hear and understand his reasoning fully, “in the spirit of democratic engagement and civic duty”, adding:
Now that he seeks the trust and mandate of Jalan Kayu residents, it is fair — and necessary — for citizens to ask him to account for his role and decisions.
NTUC believed Allianz deal would strengthen Income: Ng Chee Meng
On Sunday night, Mr Ng did talk about the Income-Allianz saga during a People’s Action Party election rally in Jalan Kayu.
He said NTUC believed the deal would “strengthen” Income and protect the interests of policyholders, adding:
A stronger Income would also enable NTUC to continue its social mission in the wider spaces besides insurance. That was our judgement.
Source: Lee Hsien Loong on YouTube
NTUC ‘couldn’t have known the law would be changed’: Ng
However, as the details of the proposal emerged, the Government took a different view and called off the deal, amending the Insurance Act to block it.
This apparently threw NTUC for a loop, with Mr Ng saying:
NTUC couldn’t have known the law would be changed.
However, it “sincerely respected” and accepted the Government’s view, he added.
Following this, Allianz withdrew its offer to acquire Income Insurance on 16 Dec 2024.
Ng apologises, initiates review
In his speech, Mr Ng also apologised for the aborted deal, saying:
In NTUC, we will do our best. And sometimes, I’m sorry that it is not good enough. We’ll do better.
He “humbly” acknowledged the public feedback, adding that he has initiated a review in NTUC Enterprise so that it can “learn the right lessons humbly and do better for fellow Singaporeans”.
Believes he can do more if he’s an MP
Turning back to his election pitch, Mr Ng believes he can do more for residents and workers if he were elected to Parliament, as that is where national issues are debated and key decisions are made.
He thus told Prime Minister Lawrence Wong that he was prepared to run again if asked and would prefer to get back into Parliament on his own merit, he said, adding:
That is why, dear voters of Jalan Kayu, I stand before you seeking your vote to get back into Parliament.
Also read: Commentary: Time for NTUC Enterprise chair Lim Boon Heng to explain what happened with Income mess
Commentary: Time for NTUC Enterprise chair Lim Boon Heng to explain what happened with Income mess
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Featured image adapted from Tan Suee Chieh on Facebook and Lee Hsien Loong on YouTube.
