[GE2025] Jalan Kayu SMC

carlongerdidu93

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mansae

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He gave the ok to NTUC-Allianz merger. Then after that say don't know anything about the $1.85 billion capital extraction.

Anyone with half a brain cell also know when you privatise a company, it will only be for profit one. What was he thinking???

yup ntuc is not meant to be for profit but as the nation's social enterprise. By selling it to a AMDK for-profit organisation, this would mean insurance policies etc would no longer be provided at a subsidised cost and no longer have low cost schemes to union members. Goes against why ntuc was founded. And it's just wrong to allow national interests to be dictated by a foreign firm. Luckily there were prominent figures who spoke out publicly against it and pressured govt to block the deal.

Koh and Tan argued that the deal would significantly erode Income’s autonomy, transforming it into a profit-driven entity incompatible with its social enterprise roots.

They cited Allianz’s objective to ‘build a resoundingly profitable business,’ with CEO Oliver Bäte expecting a ‘double-digit return on investment over time,’ as a direct threat to Income’s core mission of serving Singaporeans’ needs.

Koh and Tan highlighted that just two years prior, Income had convinced the regulator to allow it to retain a surplus fund of S$2 billion to strengthen its capital base for growth and to fulfill its social mission.

“Contrary to this assurance, Income-Allianz’s merged entity proposes to reduce its capital and for $1.85 billion to be distributed to the shareholders over the next three years.”

“This proposal is in breach of the undertaking given by Income to the regulator. Instead of strengthening the capital base, it will have the opposite effect,” they said.
 
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Bumblebee Man

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Bro Ng really roller coaster emotions this GE.

1. Arm chio when appointed to Jalan Kayu SMC thinking will parachute in
2. Sweat underwear when WP announce they are contesting
3. Over the moon on nomination day seeing WP fielding a newbie
4. Changing underwear again after hearing Andre Low's rally last night....
 

vee4044

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Bro Ng really roller coaster emotions this GE.

1. Arm chio when appointed to Jalan Kayu SMC thinking will parachute in
2. Sweat underwear when WP announce they are contesting
3. Over the moon on nomination day seeing WP fielding a newbie
4. Changing underwear again after hearing Andre Low's rally last night....
I only can wish him Good Luck.... All the Best.
 
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