Former NTUC Income CEO Tan Suee Chieh has called on the Monetary Authority of Singapore (MAS) to thoroughly examine the proposed sale of a majority stake in NTUC Income to German insurer Allianz Europe BV.
In his latest letter, Tan highlights concerns over NTUC Enterprise (NE)’s acquisition of shares at par value, which led to the dilution of minority shareholders' stakes.
He criticizes the NTUC Joint Statement for failing to address this issue and questions Allianz's commitment to NTUC Income's social mission.
Tan urges MAS to review board meeting minutes and papers from 2014 to 2015 to verify NE’s claims and ensure transparency.
He stresses the importance of upholding previous commitments to protect the cooperative’s founding principles and social commitments.
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