POSITIVE AND TRANSPARENT HANDLING OF Problem
On Monday, MPs on both sides of the House raised inquiries in response to the news.
In response to a question from MP Jamus Lim ( WP-Sengkang ) on any implications this saga may have for MAS ‘ global reputation, Mr Chee said the central bank always seeks to ensure it regulates in an “even-handed” and open manner.
“MAS takes its international standing very seriously, and this is why we want to take this matter really in parliament so that we can move the Insurance Act’s amendments with urgency,” he said.
Mr. Tong announced earlier on Monday that an essential act to amend the Insurance Act would be presented and read on Wednesday.
” I want to point out that the reason we are concerned about this particular package is not because Allianz is a foreign object in this case,” said Mr. Chee.
ISSUES WITH DEAL
Leong Mun Wai, a member of NCMP, accused the state of not making the deal people.
In response, Mr Tong said:” You ca n’t expect that every time information about a potential application or an acquisition, or a deal is proposed to be made and information given to MAS, that it is shared with all in sundry. That’s not how MAS works”.
MAS realised in this case that there were various issues that the Ministry of Culture, Community and Youth (MCCY ) may be concerned about, and it shared the relevant information, he said.
The parties therefore collectively examined it and decided as a government on a selection that would benefit the public interest, according to Mr. Tong.