Singapore’s NTUC Enterprise and Income Insurance responded to former CEO’s criticism of the Income-Allianz deal on Sunday night ( Aug 4 ) in a statement.
Mr. Tan Suee Chieh, who presided over the cooperative from February 2007 to September 2013, wrote an open letter to MAS chair Gan Kim Yong asking for intervention from the government officials on Friday.
Business and Revenue claimed Mr. Tan objected to Allianz’s announcement to make a pre-conditional offer in their joint statement.
Germany’s Allianz announced on Jul 17 that it was planning to , buy a bulk stake , in Income Insurance for about US$ 1.6 billion.
It said it would offer S$ 40.58 per share for a transaction value of S$ 2.2 billion ( US$ 1.64 billion ), for 51 per cent of the shares in Income Insurance.
NTUC Enterprise now has a 72.8 per cent interest in Income. If the price succeeds, it will continue to be a significant investor.
” But, in raising his complaints, he has cast aspersions on the participants in relation to this proposed deal”, said NTUC Enterprise and Income in the mutual speech.
” These insinuations are no well-founded and, indeed, unjust. It is crucial that the framework and total facts are presented clearly.
In an 11-page speech, it laid out an administrative description as well as their full answer.
It is available for read in its entirety around: