SINGAPORE: Former NTUC Income CEO Tan Suee Chieh on Monday (Oct 14) welcomed the government’s decision to intervene and stop a proposed deal between Income Insurance and German insurer Allianz.
Mr Tan was one of the prominent voices who spoke out against the proposed deal, which was announced on Jul 17. In the past months, he had regularly made his views known on his social media pages such as Facebook and LinkedIn.
Mr Tan was CEO of NTUC Income from 2007 to 2013 before becoming Group CEO of NTUC Enterprise from 2013 to 2017. He had also led Prudential from 1994 to 1999.
Other figures against the deal included his predecessor Tan Kin Lian and Ambassador-at-Large Tommy Koh.
Under the proposed transaction, Allianz would have acquired a majority stake in Income.
Their concerns were mainly over how Allianz, a large multinational company, would not be fully aligned with the original mission of the Singapore entity, which is to serve the needs of low-income workers.
“This outcome underscores the importance of speaking up on matters of public interest and ensuring that the values of trust, integrity, and governance remain at the forefront of our decision-making processes,” Mr Tan said on his social media pages.
“Throughout this journey, I have been driven by the belief that raising concerns and fostering open dialogue is essential for safeguarding the social mission of our institutions and protecting the well-being of Singaporeans.
“It is through such collective efforts that we ensure decisions serve the long-term interests of the public.”
In response to CNA’s queries, Mr Tan said that “on the specific grounds of public interest, I am in agreement with the government’s position” and that he agreed with the government’s assessment of the proposed deal.
Mr Tan said that there were “additional aspects that merit attention” that he would touch on in the future.
