Allianz and NTUC Enterprise were informed of the rejection shortly before the government decision was made public.
SINGAPORE - It was to be a marriage of convenience but those involved are now faced with much inconvenience.
Because of this curveball, the groom in question was left at the altar, the bride was in tears and the parents stunned. Allianz, in its business plan submission to the Monetary Authority of Singapore , said it could return around $1.85 billion in cash to its shareholders. This would be within the first three years after the transaction wraps up.
Without this MCCY exemption, the surplus would have been handed to the Co-operative Societies Liquidation Account to benefit the co-op movement in Singapore, as required under the law. The Insurance Act will also be amended so that MAS has to factor in MCCY’s views when it comes to insurers that are co-operatives or related entities.When asked, a source familiar with the deal said Allianz’s plan to enrich its shareholders “was not something we were privy to” given that it was mentioned in the business plan submitted to MAS.
The question now is how Income’s management, its board and NTUC Enterprise can find a palatable solution that not only protects the interest of the 16,000 or so minority shareholders, but also ensure the insurer can survive in a highly competitive market.
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