Leong Mun Wai criticises process behind Allianz-Income deal and non-disclosure of capital extraction
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- Опубликовано: 10 фев 2025
- During the parliamentary debate on 16 October 2024, Progress Singapore Party's (PSP) NCMP Leong Mun Wai voiced strong objections to the process behind the proposed deal between German insurer Allianz and Income Insurance.
The deal, which would have seen Allianz acquire a 51% stake in Income, faced scrutiny, leading to a Bill aimed at blocking the transaction. Leong expressed concerns over the lack of coordination between government agencies, particularly the Monetary Authority of Singapore (MAS) and the Ministry of Culture, Community and Youth (MCCY), highlighting that critical details of the deal, including a $1.85 billion capital reduction plan, were not disclosed until after the 6 August debate.
He argued that the deal prioritised shareholders over the interests of Income’s 1.7 million policyholders and could undermine the company's social mission.
Despite supporting the Bill, Leong urged for stronger government coordination and transparency in future transactions.
This episode shows the need for a credible opposition in parliament. Well done opposition for taking a strong stand on this income Allianz saga
Mr Leong is like a watchdog. Excellent sir. We need more pple like him. Wat he can see . No pap minsters can see ???
PAP ministers can see $ only.
@@williamloh4360absolutely!
Well done Well said PSP
NCMP Mr Leong Mun Wai
Majulah Singapura ✊️ 🇸🇬
We require increased representation of PSP members in Parliament. In the event that the PAP becomes a minority, the presence of three parties-PSP, WP, and PAP-will help ensure checks and balances on governance and accountability, ultimately benefiting the future of Singapore's political landscape. A minority PAP today would allow for a necessary and thorough refresh of all fronts within the political system, bringing back what Singaporeans desire: a strong, transparent, and effective democratic system. This balanced structure is expected to be well-received by the people of Singapore. No more own self check own self!😂
Mr Leong, such calm, logical and reasonable argument put forth makes both opposition or pap as a credible office bearer!! Keep this up without unnecessary emotion and you will have my vote.
Well spoken and clear. Reason we need more and stronger opposition to check the system.
Clear argument and kind soul. 🎉🎉
Well done Leong
Leong is NCMP only? His performance in parliament surpassed many MPs and ministers of state. He should be voted in for next election.
Very good speech by PSP. West coast grc HKLPPL liao.
What's HKLPPL ?
Excellent speech bringing clarity
Indeed we need to have a voice from the opposition, strong enough to watch over PAP.😊
Sincere thanks to the PSP NCMPs, Prof Tommy Koh, Mr Tan Suee Chieh (former NTUC CEO), Mr Tan Cheng Bock (former MP & PSP chairman), Mr Tan Kin Lian (former NTUC CEO) and many others etc... for strongly voicing out genuine concerns for this proposed deal and to protect Singaporean's interest. Thank you so much!!
Well done! Mr Leong Sir.
Mr Leong is just so calm and speaking so much more confidently now. Impressed. 👍👍
Well Done..Leong. Best speech I hv heard on the subject.
Very good of Leong Mun Wai to speak on our behalf. Keep it up
PSP must win more seats in GE2025 ! 👍
Well spoken . Thank you sir . Definitely we need to a voice
Well said, Mr Leong!
Valid points raised! Thank you.
All those who brought a dud deal to the table should go. They should be banned from leadership roles in all GLCs.
This was an extremely important speech from Mr Leong. This is what Singaporeans need to pay attention to and not be distracted from.
Thank you Mr Leong
This case highlights the urgent need for citizens and the government of PM Lawrence to review and rein in the management of GLCs, especially, those top heavy with ex SAF types.
one general sold nol and screwed up sph while another try to sell income and screwed his grc that got him voted out
And how CMA CGM turned around NOL to profits within a short time!
National Asset n Brand should never be sold simply bcos of leadership incompetence.
@@33Nautiboy thats our scholar general bro!
This speech is Crystal Mark Clarity Grade A. Why can't the MIW speak like that?
Mr LMW well said!!! Fully agree with his pointers!!
We need more Mr Leong
Pat yourselves on the back, Singaporeans who speak out and made your voices heard! The next thing that needs to be done is to sack and investigate the NTUC Income management involved in this shady deal.
Sad to say im more proud of oppositions over the ruling party.. Ruling party doesnt have the interest of its people anymore. Its just a wealthy bunch of acquaintances looking to get richer together.
Why not set up a committee to fact find the true like there did before
Minister Chee Hong Tat 6/8/24 Parliament oral answers: 2. MCCY has just replied to the PQs pertaining to Income’s social mission and NTUC Enterprise’s reasons for entering into this proposed deal with Allianz. I will focus on the following areas from MAS’ perspective as regulator of the insurance sector:
a. First, how would MAS assess the proposed deal for regulatory approval? And did the deal involve any conflicts of interests?
b. Second, would the proposed deal affect Singaporeans’ access to affordable insurance products?
c. Finally, what will be the impact on Income’s EXISTING POLICY HOLDERS and employees?
I dunno what caused the govt to change its mind, but I did raise with Minister OYK in August & September 2024 why I've got to pay extra for the same medical services which I'd enjoyed for free...........as I hv riders & policy bought a long long time ago.
Not 1 pappie dares to say anything. Just hide and hide
Impressive speech..
Majulah Singapura! Ah Leong very humorous, very naughty😄
Steady 👍🏻👍🏻👍🏻
Chee Hong Tat must go
So much due diligence not carried out at the top.
They are not even able to discern if such a deal to a foreign entity benefits Sg and its policyholders. So scary.
Imagine policyholders savings for last 30-40 years be wiped out with poor or inefficient management.
Do we even have to bring this deal to Parliament to debate.
Imagine one day they gonna sell SIA, DBS, CPF.... to some foreign entity. Wah lau, siow
Singaporeans having our Loyal Opposition MPs rigorously questioning a perceivably eroded system has benefitted from their efforts which out which they would have been voiceless and clueless
It is so shameful that paper generals need to be taught by the public how to do their jobs. Shameful indeed
He should be our President!
Is the need to scrutinise the deal only after many people have raised concerns that may have impact on coming elections?
This was not the way in the past. We have regressed.
No more PAP for me
Why it is always the NCMP doing his job? What happen to the other PAP MP? Nobody dare to ask or nobody identify the PROBLEM?
That is the problem with One pàrty government. So we singaporean must wake up. We need check and balance whether you like it or not.
politics aside we should never ever sell a commanding stake in any local entity to foreign interests
I don't like uncle leong / clown.... but at least he is getting better in making good voice / question
Good 👍
They never ask questions ?
Who are the shareholders who will reap a fortune from the capital distribution? Who are they?
This looks similar with India 's Wazirx crypto exchange and WRX crypto. The CEO Nischal Shetty keep extracting $ for other start up and private purposes like Shardeum from the exchange and WRX ponzi crypto coin by maneuvering with policies and law to escape responsibility. Suddenly, Shetty and gang say a Singaporean firm, Zettai Pte Ltd owns Wazirx and push the debt to Zettai. But the $ already disappeared.
It looks similar because, they trying to move $ around by using loopholes in policy and law
Capital reduction = Capital Extraction = Asset stripping?
The reasons is they think they are very smart
Let me say. Income cannot. Perhaps CPF. Okay
What do you mean?
Bala mist be wondering why brought up his name again when sinkies have long forgotten what pap has done wrongly in the past....😂
Trying to score points before the election. Lol
Leong has been consistent in his participation of the Parliament sessions. The folks captured sleeping on camera are consistently from another party.
1 day before election is also called before. You mean as long as something is done before the election is wayang score for points la? So only after election can do something? Why so bodoh!
Leong can be next PM lols
LMW is the real opposition. He is doing all the heavy lifting.
What happen to the Worker's Party ?
Are they still asleep ?
Thank you Mr Leong