The National Trades Union Congress (NTUC) central committee was not informed about Income Insurance's plan to return $1.85 billion to shareholders under the Allianz-Income deal before it was revealed in Parliament, NTUC deputy secretary-general Desmond Tan stated.
SINGAPORE – The labour movement’s central committee did not know of the plan to return $1.85 billion to shareholders under the Allianz -Income deal before it was mentioned in Parliament on Oct 14, said NTUC deputy secretary-general Desmond Tan.
The capital reduction plan is a key factor in the surprising turn of events that saw the Government block the hotly debatedAllianz had made an offer to buy a controlling stake of at least 51 per cent in Income. When NTUC was briefed on the proposal, it was difficult for the unions to learn that Income was planning to sell a majority stake to Allianz, given the company’s history as the labour movement’s first social enterprise, said Mr Tan, who is Senior Minister of State in the Prime Minister’s Office.
Mr Tan also noted that Second Minister for Finance Chee Hong Tat had acknowledged that NTUC had acted in good faith and in the interest of workers and members.
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