[SINGAPORE] The Allianz-Income deal was done in good faith and in compliance with regulations from the law and the Monetary Authority of Singapore, said labour chief Ng Chee Meng on Sunday (Apr 27) night.
Addressing the proposed S$2.2 billion sale of the homegrown insurer to the German insurance giant which stirred much controversy, Ng said: “In NTUC (National Trades Union Congress), we will do our best, and sometimes I’m sorry that it’s not good enough. But we will learn the right lessons and we will do better.”
The labour movement thought the deal was reasonable, said Ng, the People’s Action Party (PAP) candidate for Jalan Kayu SMC, in a rally speech.
The NTUC secretary-general noted that Income’s market share had dropped from 20 per cent to 6 per cent over the last 10 years.
“There was a real threat to the sustainability of Income, especially in moments of crisis. The proposed deal would strengthen Income and, most importantly, protect the interests of Income’s policyholders,” he said.
However, as details of the proposed Allianz deal surfaced, Ng said that the government “saw it differently” and stopped it by changing the law.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
“(At) NTUC, we could not have known that the law would be changed, but we sincerely respected the government’s view and accepted it, (and) humbly acknowledge the public feedback we’ve received,” he said.
A review of NTUC Enterprise has been initiated so that the labour movement can learn the right lessons and do better for Singaporeans, he added.
In his rally speech, Ng also responded to comments made on Saturday by Workers’ Party (WP) chief Pritam Singh that were directly aimed at him.
Ng said: “Unlike (what) somebody last night said (about) NTUC (being) a safety net, a trampoline, a catchment when we lose the elections, it is simply not true. I am elected as the secretary-general of NTUC every four years, and I count on the mandate of workers and unionists electing me into the central committee.”
He added: “In Parliament, as an MP, I can speak up for workers. I can speak up for residents of Jalan Kayu SMC when national interests are debated and major decisions are made, both for the workers and all the residents of Jalan Kayu.”
At the same rally, Senior Minister Lee Hsien Loong also gave his full support to Ng, saying that he has continued to contribute by serving as labour chief and working closely with the government to support workers through the pandemic. This was after he lost the 2020 election.
“He proved himself reliable, trustworthy, committed. Therefore, for this election, I recommended (him) to (Prime Minister Lawrence Wong). And the PM agreed and invited Chee Meng to stand again,” said SM Lee.
Weighing in on the Allianz-Income deal, SM Lee said that while the Labour MPs did not ask questions, six PAP MPs asked questions and only one WP MP did.
He noted that after the proposed deal was discussed further, the government realised it had to change its mind.
“We have to say we oppose this deal. We will block it but we have to change legislation so that we can block it. NTUC cannot do that, the government has to do that.”
“But it shows we are brothers, with that symbiotic relationship. You make that decision, I look at it impartially, objectively, afresh. There is no groupthink.”
Earlier on Sunday, Ng’s opponent in the general election, first-time WP candidate Andre Low, was asked by reporters for his views on the Allianz-Income deal.
Said Low: “It is just one of many missteps our previous administration has had over the past parliamentary term… But all I would say is, there (are) still many unanswered questions, and I think Singaporeans at large, not just Jalan Kayu residents, deserve some answers.”
Low added that while he has received a warm welcome from the constituency’s residents, he still regards himself as the underdog.
He said: “I represent a very different kind of candidate from my PAP opponent. We are over 20 years of age apart. (Ng) is a scholar and a general. He’s reached the very top of the military career pathway. I spent my entire career in the private sector (in) many different roles.”
“As far as my opponent is concerned, he’s slightly over-represented in Parliament. I feel it’s time for Jalan Kayu residents to make a choice if they want a different kind of parliamentarian – someone fresh, someone energetic, someone with new ideas,” said Low.
Separately, at the Jalan Kayu rally on Sunday, SM Lee addressed the dangers of mixing race and religion with politics.
He said: “This is the middle of a very hot election campaign, but the matter came up, we had to raise it, we could not wait.”
“Foreigners have no business interfering in Singapore politics, and whether foreigner or Singaporean, race and religion have to be kept separate from politics.”
SM Lee further noted that MPs and candidates have been attacked for not championing the causes of their racial or religious group “stridently enough”, and that people are being asked by foreigners to vote for certain Malay/Muslim candidates, simply on the basis of their staunchness as a Muslim.
“Singaporeans have to understand that this is happening, realise the dangers, and stand up and reject it forcefully and affirm that we are one people, regardless of race, language or religion,” he added.
