OPEN AND TRANSPARENT HANDLING OF MATTER
On Monday, MPs on both sides of the House raised questions in response to the announcement.
In response to a question from MP Jamus Lim (WP-Sengkang) on any implications this saga may have for MAS’ global reputation, Mr Chee said the central bank always seeks to ensure it regulates in an “even-handed” and open manner.
“MAS takes its international reputation very seriously, and this is the reason why we want to handle this matter in an open and transparent manner, coming to parliament to pass the amendments to the Insurance Act, and to do so with urgency,” he said.
A Bill to amend the Insurance Act will be tabled “on an urgent basis”, and read a second and third time on Wednesday, Mr Tong announced earlier on Monday.
“I would like to reiterate that the reason why we have concerns about this particular deal is not because there is a foreign entity, Allianz, in this case, and it’s also not because we have concerns about Allianz being fit and proper and being a suitable partner for Income,” said Mr Chee.
ISSUES WITH DEAL
NCMP Leong Mun Wai (PSP) accused the government of not disclosing information about the proposed deal to the public.
In response, Mr Tong said: “You can’t expect that every time information about a potential application or an acquisition, or a deal is proposed to be made and information given to MAS, that it is shared with all in sundry. That’s not how MAS works.”
MAS realised in this case that there were various issues that the Ministry of Culture, Community and Youth (MCCY) may be concerned about, and it shared the relevant information, he said.
All parties then collectively looked at it and came to a view as a government on a decision that would serve the public interest, said Mr Tong.
