NTUC Enterprise rebuts former CEO’s criticism

Troubled bid: Passengers at Singapore’s busy Changi Airport. A former CEO of NTUC Enterprise is criticising an offer by German insurer Allianz to buy a controlling stake in Income Insurance and called for it to be stopped. — AFP

SINGAPORE: NTUC Enterprise (NE) and Income Insurance on Sunday rebutted an open letter by former NTUC Income chief executive Tan Suee Chieh, in which he criticised and objected to an offer by German insurer Allianz to buy a controlling stake in Income Insurance and called on the government to stop it.

Referring to Tan’s Aug 2 letter to Monetary Authority of Singapore (MAS) chairman Gan Kim Yong, which was posted on social media, NE and Income noted that “in raising his objections, he has cast aspersions on the stakeholders with this proposed transaction. These aspersions are not well-founded and, indeed, unfair”.