Who’s spoken up against the offer?
Tan Kin Lian, the original NTUC Income CEO, has also criticized the offer, saying it would not support Income’s social goal and that Allianz would be in charge to “maximise the profit for their owners.”
Ambassador-at-large Tommy Koh also officially objected to the offer in two Twitter comments, saying that , Income was” hardly a loss-making business in need of recovery” and that , “nothing is divine and everything is for sale”.  ,
With two extensive social media posts and two empty words to date, Mr. Tan Suee Chieh has probably been the most outspoken in public.
Prior to joining NTUC Income in 2013, he served as the party CEO of NTUC Enterprise.
Given that NTUC Enterprise’s assurance to keep the majority shareholder was used to lessen concerns about the corporatization, Mr. Tan described the transaction as a “breach of excellent faith.”
He asked state regulators to intervene in his first empty letter, which was dated August 2 to the Monetary Authority of Singapore, among other pressing issues.
Mr. Tan was concerned that NTUC Enterprise’s incorporation would never inevitably bind it to keep its shares in NTUC Income forever because of corporate laws.
He added that during the corporatization practice, NTUC Enterprise and Income failed to honor promises that were made to him.
On Sunday nights, NTUC Enterprise and Income responded by releasing a mutual declaration in which Mr. Tan” cast presumptions on the participants in relation to this proposed deal.”
Prior to the corporatization exercise’s Extraordinary General Meeting ( EGM ), they claimed shareholders and policyholders had been contacted to answer any questions.
According to Mr. Tan, neither the EGM nor the knowledge sessions were held, and that 99 % of shareholders ‘ resolutions were approved.
Yet if NTUC Enterprise’s seats were excluded, majority shareholders voted “overwhelmingly in favour”.
Additionally, Mr. Tan pointed to a text that was dated February 10, 2022 and was from NTUC Income to him.  ,
According to the text, NTUC Income confirmed that, notwithstanding the corporatisation, NTUC Enterprise may continue to be the majority shareholder of Income Insurance.
However, the extract may be completely set up, according to NTUC Enterprise and Income, underscoring that the latter’s statement as the largest shareholder was likewise” subject always to the interests of Income, which must remain fundamental.”
In fact, Income Insurance’s objectives must always be foremost, and NTUC Enterprise has always taken the lead in this regard, which led to the proposed deal with Allianz, according to the joint declaration.