A failed bid for acquisition by Global 500 insurance company Allianz has become political hot potatoes in Singapore’s election
Approximately 2.75 million Singaporeans I’m qualified He voted in the Southeast Asian nation’s general election on May 3, and selected the prime minister to lead the city for the next 10 years.
And in nine days of campaigning, one of the shortest in the world, Failed transaction Between Allianz, the global 500 insurance giant and local insurance company income insurance from last year is being brought back to the spotlight.
Allianz offered to take over income insurance for $1.7 billion last July. The deal was controversial. Singaporeans were worried that new business owners might avert income from their social mission to provide affordable insurance to Singaporeans.
A few months later, in October, Singapore officials It’s blocked transaction. Allianz abandoned its purchase income bill in December.
Now, the ruling action party and its main opposition politician, the Workers Party, are lifting up the now-abolized deal and earning political points in its enthusiastic constituency. Key topics of discussion: whether Singaporean officials first signed the contract before they changed their minds later, and who didn’t ask them at the time.
Ng Chee Meng, chief of National Trades Union Congress, at Sunday’s rally; Discussed The labor movement initially felt that the purchase income bill was reasonable and that it had strengthened its income insurance. The NG, who is running for a seat in Singapore’s Parliament as part of the Arbitration Pap Party, has responded to the argument that the union should oppose the deal.
Income insurance was previously part of the NTUC umbrella. Even after the privatization of revenue, NTUC Enterprises is a majority shareholder and holds approximately 72.8% of its shares.
Still, ng promised “better” Sunday meeting. “We do our best and sometimes it’s a shame that it’s not enough.”
Prime Minister Lee Hucien Long Discussed If the opposition had taken power, the Workers’ Party would have approved the income insurance transaction. He noted that only one opposition member in the assembly asked about the takeover, and that the Workers’ Party refrained from taking steps to block the merger.
Workers’ Party leader Pritam Singh has accused PAP Labour MPs of not asking questions about the deal last year.
Another member of WP, Harpreet Singh, has called for Deputy Prime Minister Kang Kim Yong to explain his role in the Scopper deal; Respond An open letter from former Income Insurance CEO Tan Sue Chieh.
A letter addressed to Gunn and published on April 27th. Questions raised Regulatory oversight, changing NTUC roles, and accountability.
Tuesday afternoon, cancer I asked Why didn’t the opposition parties question the revenue contracts at the time? However, the Deputy Prime Minister also tried to explain why the Singapore government ultimately changed his mind over the Allianz bid. “We want to support (Ed) trading because it helps with income. But when more details were provided, we decided to stop trading,” he explained.
Saturday’s election will be the first political test for Prime Minister Lawrence Wong, Pap’s leader who took over the party last year. The PAP, which has ruled Singapore since its independence in 1965, is expected to take power after the election.
This story was originally introduced Fortune.com