Tan has been a prominent voice against the deal, which was first announced in mid-July. Allianz had proposed to buy a majority stake in Income for about US$1.6 billion ($2.09 billion), which was later rejected in parliament on Oct 14 in a statement by the Minister for Culture, Community and Youth (MCCY), Edwin Tong. He stated that it is “not in the public interest” for the proposed transaction to proceed in its current form.
After the Singapore government announced its decision to reject the proposed acquisition of Income by German insurer Allianz in parliament on Oct 14, key stakeholders and individuals who have been outspoken about the deal have weighed in.
“I welcome the government’s decision to change the law to reject the proposed Allianz-Income deal,” says ex-NTUC Income CEO Tan Suee Chieh in a LinkedIn post on Oct 14. “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.”
