Prof Tommy Koh challenges Lim Boon Heng’s justification for selling majority stake in Income
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- Опубликовано: 7 сен 2024
- Professor Tommy Koh publicly challenged Mr Lim Boon Heng's rationale for selling a majority stake in Income Insurance to Allianz. Koh emphasized Income's mission to make insurance accessible and affordable, questioning if Allianz would maintain such socially responsible initiatives.
He pointed out Income's profitability and questioned the need for the sale, expressing concerns over changing values in Singapore and the long-term impact on Income’s mission and legacy.
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I agree with Mr Tommy Koh. Please keep our NTUC Income and not let a foreign company take over our much revered asset.
A big THANK YOU to Prof Koh. Mr Lim Boon Heng is totally not realistic. Once Allianz has over 51% shareholding, INCOME is no longer a Singapore entity. Singapore can say bye bye to INCOME.
Allianz lost $6B and fined by U.S. govt. They have expertise sure bo?😅
Lim Boon Heng should also justify why Temasek invested in scam FTX. He is also Temasek Chairman.
GREED
Prof Koh is right. Money and profit not everything.
NTUC is one Singapore icon belonging to Singaporeans. Sometimes money cannot buy everything. Our proud and unique NTUC should not be for sale unless we are bankrupt!
51%Allianz holding .... how could ntuc still got mandate?????
Tommy Koh is right. Lim
Boon Heng is off the beam. He is terribly incompetent.
The sickening thing is that such thoughtless action allowed to proceed on without the consideration of the people of Singapore welfare.
Remember the sale os POSB ( people's bank ) whom is cash rich to DBS. We were promised that they will not closed the posb banks. Well the closed few branches like the one at bras Basah Complex. Those folks living there are now too old to walk to Suntec or nearby branch to do banking services.
The sale to DBS compared now the sale of NTUC to a foreign bank. You still think NTUC under a foreign owner still willing to put Singaporean first ?
If Singaporean no longer first, we better vote wisely.
Once a major shareholder with foreign values who doesn't understand the societal needs at the grassroots level of Singaporeans steps into the mix, they will not think in the like of the needs of Singaporeans in our own unique ways. What Prof Koh has highlighted on creating unique, socially responsible products is not conceivable for commercially driven thinkers.
Lim Boon Heng talking nonsense. Temasek can easily put in more capital in Income.
Hi Prof, you once served in the Chair of NTUC Income's Board of Trustees. Over the course of time, you seem to have developed some "strong heart-strings" with the Coop. Thank you... now as you continue to champion the cause of the common Singaporean. In the heydays of the coop movement in Singapore, I remember we used to showcase the "economic" model of Singapore to the world in a unique way. Often described as "tripartitism" - comprising the public, the private, and the coop sectors, each makes its unique and synergistic contribution to help Singapore develop into a more vibrant and caring society. But what has happened to that model? I think a "reawakening" of coop-consciousness is now badly needed in Singapore. Big-time corporations and "profits" do not guarantee a more "compassionate" society for Singapore. And while they exist, they shouldn't be allowed to dominate over the other sectors.
German business conglomerate ambition is to make the most profit from their investment. It is very risky to sell majority of INCOME stake to foreign investors, They will not have any thoughts or compassion for the welfare of our local people except to gain more profit. Eventually the insurance policy will increase the premium which will affect majority of the policy holders who are mainly retirees in their seventies. I applauded Prof Koh for his concern to the Singaporeans. Hope existing policy holders will ponder over this issue.
If Great Eastern can be profitable and successful without foreign expertise, why can't NTUC?
Simple. The reason why GE is able to make tons of money is because they slash the maturities of our whole life and endowment policies. The latest cut was done in 2023 and that year, GE was very profitable. You can check it out with GE policy holders and GE’s website. And you can be sure that GE will continue to slash the maturity values of our life and endowment policies quoting the difficult conditions.
So ntuc is serving a purpose here. Ge wouldn’t be as competitive. If ntuc is no more in control, ge will have the ability to become even more profitable?
AMGTK!
Good job Prof!
Why none of our Ministers have speak up do they all agree this is a correct move this why Singapore need a opposition party
Lawerence Wong was FM,you think he not aware 😆😂
A sign of incompetence instead of being viewed as a successful sale at a premium in exchange for removing the very emotional attachment to NTUC as a sovereign brand that care for Singaporean. Backlash will be at the ballot boxes is possible.
Thank you fo standing up for the weaker ones like me! thank you!
Tommy Koh's effectiveness is limited to his role as a diplomat. He attempted to advise the Chairman of the board of Temasek on what actions to take. It is advisable to allow those with expertise to manage the business.
LKY was worried about oppo selling SG. Its seems its in-house now. 😢😢😢
Ntuc needs to come clean about how much it’s making since it’s so desperate to gain this $1b from the sale of Income.
Sale of Income is similar to Mr umbrage selling of NOL and SPH. The solution is not to sell but sack the ceo for incompetence.
I totally agree with Prof Koh, and do not support the sale of a controlling stake of Income to Allianz or to any other foreign entity.
I am a policy holder with NTUC. All I want is the certainty that I will get my benefits when they are due. I really don't care who the owner is. If Allianz gives me the greater certainty (and they are the largest insurance company in the world) I would go for Allianz. If NTUC continues with its smallish capital base and cannot pay me my benefits would Prof Koh pay me?
Can we sell PAP to Xin Jing Ping ??
Why not. Then there will be not National Service like HK and no defence budget. Extra ten billions dollars to fund other national expense.
Sell….maybe sold? 🤣
Perhaps is already on the way 😂😂😂
The sale of Income likely ensures further decline in support for PAP
Who are the holders of NTUC Enterprise? Use the time to think out of the box to grow the business and not sell the business! NTUC Income is the icon of Singapore like the Merlion!
PAP and Temasek neglect and arrogantly ignored that Income insurance is a national institution supported by locals and is a national pride. Selling it is liken to sacrifice the soul and spirit of Singapore.
Imagine that what would happen If ping ang 平安 insurance company of china ,also owned by govt majority? Im sure any responsible govt would not permit to sell 51% .
Flash back to 2022 when ntuc changed its incorporative to company might already planned ahead for the sales.
Obviously bad Faith from the board..
I support Prof Tommy Koh .My mother was a member of NTUC income ..If Spore looks into the short term gain ,instead of values .Then it is the End of Spore ..like Chartered Industries to the Abrabs .We got nothing to fight Taiwan .Short Sightedness .
I fear that this is indicative of this generation of leaders' values: money first! And, wonder if this is also in the current generation of our government leaders.
This episode shows that there is a price to everything. Sacred cows will be led to the slaughter house when the price is right. 😅
I fully support Prof. Koh's comments. Our govt.should seek citizens comments before selling our Icon kc
Why not we 51%. Alliance 49%?
Next NTUC supermarket sold to cold storage. There is no fabric of our nation anymore
Once Allianz take over, would you think they would still want to deliver the "Social Impact"? Who can stop them from maximizing the profit?
Again Singaporeans' welfare is second to profits? The consequences will be borne by us with this action. Allianz is profit driven and their CEO has to show year-on-year growth. It's his job. Therefore Premiums will be increaed because that follows straight to the bottom line. It will affect 2m policy holders here. Resulting in increase in Costs/prices of services provided. During economic downturns, MNCs reduce staffing worldwide, employees livelihood will be affected even if Singapore ops is profitable. All these will then be beyond our control, like everything else. Our Gov cannot do anything because the answer we get will be it's a commercial decision and they don't interfere. A one-off gain for some will affect the 2 million and Singapore! SO WHY DO IT? I am sure a company with good track records and effective management can raise money for expansion.
Yes INcome is an "inclusive" in its objective....why it has become predominantly commercial managed by a corporatism...
Please keep our own instructions.
Mr lim explanation on changing from a cooperative to a company is sound.
Then why is NTUC Income not adhering to that rationale ???
Is that a smokescreen so that it can sell to allianz ???
Selling for 1 billion gain is ridiculous.
Saying this gain is for education and elderly is another smokescreen ???
Can Mr lim be trusted to fulfill that, in view of the reasoning given for converting from cooperative to company was not carried through.
Mr lim, as NTUC chairman must mean what he said.
Puzzled that there is no consideration that it is selling to a allianz, a company which has carried out fraud.
Allianz holding 51% can also carried out fraudulent activities in Singapore, dragging NTUC income with significant holding into committing fraud. Obviously, allianz paying a high premium is to capitalise on NTUC brand, to fulfill its objectives.
It's about money nothing is social responsibility
Have a feeling NTUC selling because it is helmed by incompetent leaders (possibly clueless scholars without real world experience). Instead of selling, NTUC should revamp it's management team and strive for industry excellence. Selling it to a foreign is extremely shortsighted as it offers the fastest way to monetize the business. In the end the common folks will be at the receiving end of higher insurance costs while the board laughing all the way to the bank
LIM BOON HENG....u think we stupid
next sale of Temasek & GIC before going under ,blame opposition ..
🎉😂😂❤😂
NTUC INCOME SHOULD MERGE WITH GREAT EASTERN N REMAINED A SPORE OWNED INSURANCE CO. WHAT IS THE GOVT THINKING 0F???😊
Correction. Knowing "the price of everything, but the value of nothing" is originally a quote from Oscar Wilde's play "The Picture of Dorian Gray", not S Rajaratnam.
I fully agree with Prof Tommy Koh's assessment of the (otherwise) viable sale justification of NTUC over to the German insurance corp. The original vision and mission of NTUC would be subsumed to the consequent (foreign) majority corporate shareholding. The "domestic benchmarking" role that NTUC has played in Singapore for Singaporeans all these years, especially in terms of the CPI, would be seriously diluted, maybe even lost.
Indeed, Lim Boon Heng's progenitoring to sell off for a $1 billion profit speaks voluminously of his knowledge of "the price of everything, but the value of nothing". Prof Koh seems like someone who's, first, a nationalist followed by affiliation to his political party.
Despite so many people’s objection, it is already a done deal. Just look at the way they shrouded the whole negotiation in secrecy and the way they are defending it now. All that is needed is the final approval formality, yet the Minister tried to convince us as if it is not being negotiated. Especially when he tried to isolate Allianz’s bad reputation as a separate entity they are dealing with. Is Allianz group being managed by separate entities Minister ?
Can't the pap garhmen STOP THE SALE!!!!!
We have heard enough strong evidence that assurances given by the leaders that the sale of NTUC INCOME are not enough to allay the fears of the majority.
Please pause & revisit & reconsider the matter.
Thank you.
Silly to do this kind of deal before the coming SG Election! It will be affected somehow! Watch...
😢😢😢
We are just game for profit and continue 😢 to pay and pay blindly till we drop😅😅😅
Pay and pay until pants drop yet problems after problems
Similar to CDL ignorance. The younger ones think they are smart. But old ginger understand better.
Trust 4G……forgetting the objectives of NTUC income, handling out CDC vouchers is similar to US democrats party (relying on hangouts), various schemes in Medicare, careshields (sucking away CPF funds), HDB will be soon out of reach for future generations (another way to tie people on “taking care” of citizens)
oh sell hdb too ,si loh ...😢😢😢😅😅
Certain essential industries should always remain in Singapore hands
so now...know who vote right.?
Friuts he may be really good someone say they have a fuits shop long ago
Will people pushing this sale profit handsomely from it. If so, isn't this corruption in plain sight?
Obviously there is huge monetary gain.Who's gain?
I wish there are more of Tommy Kohs...we are in shits with the current type of leaders we have...I am damn lucky I ain't a young guy becos it's sad we have become only money hungry nation ...we have become materialistic and we call ourselves a country of passion? A first class nation? I have no confidence with the four g leaders and I said many times to my young bffs but of cos I am a nobody so wtf I give up on the way we are running our country...
Hi Allianz..,You guys want to buy my cpf shares? Willing to sell $1m for 51% stakes.😂
Tommy, life is limited. Please dont live in regret. Say it! Do it! Be your true self. Dont let your comfy millionaire life negate the compelling reason for you to just do it! Nike
Jai Hind. Out of touch with the masses.
Is for the worker don't believe check devan Nair memo
Firstly, why must the authority sell NTUC Insurance to Allianz. Is it to recover the 300 Bn Reserved erased? NTUC Insurance and supermarkets were formed to help the poor workers during Dr, Goh Keng Swee era but it was commercialized during LKY and son. Which authority must the public trust?
Why not sell to Asian Insurers like Ping An Insurance or China Insurance. Sell up to 49.9% but retain majority share. The people who run Alliance are Europeans. Europe is going to be a basket case soon.
Allianz ... top insurer worldwide????
NTUC INCOME LOST ITS BEARINGS.
Might as well sell SAF, SPF, MOE
Just follow all the money trails. The answers will appear 🤣
I like Tommy Koh.Jesus Christ will bring u to Heaven. I confirm it.Amen
Usre such a nice person..
👍👍👍👍👍
Why not sell 51% of the Istana as well.I fully support Prof's comments.Govt.should also see the excellent comments of Chee Swan Juan .His comments makes sense.Govt.could start with cutting down their high salaries as good leaders to show their leaderships kc
How come no video of what he say? Only written words on fb?
No money liao.😂😅 If rich, has plenty dough, why sell assets? No money then contemplating selling assets to get money. LBH cannot be acting alone. There's an invisible hand behind the action of this stooge
Those officials responsible should explain to the citizens their reasonings for the sale if not acceptable by Singaporeans should leave the company for their action kc
If I owned Income I would be "pissed" off and sell too. As a Singapore insurance company I should be given preferabce insuring NS men ( they are singlife ...sumitomo) Dependent Protection Scheme (used to be them now GE Life)...even Comfort Taxi don't want them. Yes in memorary singapore institution but reality nobody wants them even GLC govt
PAP Wayang ! 😅
Does Ntuc has any say with 49% in its affairs kc
Slippery slope of privatisation. Public service going through the window!
This is a misnomer. Prof Koh is on a wrong horse because he has misunderstood what insurance policies and the industry is about. With due respect, I think he should stick to matters of law which is his cup of tea. His mention of affordable insurance policies shows up where the misnomer and his misunderstanding of the insurance industry is. Every insurance policy comes with a price which we call as insurance premium. Any type of policy that is available in the market and underwritten by the insurers is as affordable to everyone who wants to be covered. To each man according to his means. For example, a rich man may want the subject covered in a policy to be for a value of $1m and a poorer man may want it covered for only $100,000 for the same type of policy. So, the premiums for the $1m policy would not be affordable for the guy who could only cover for a lesser amount. Essentially, an insured person gets to choose the level of premium he is able to afford. And premiums may differ even for coverage of same subject but on different terms, more inclusions in coverage means higher premium. What Prof Koh should have touched on is the availability of certain coverage which, perhaps only NTUC Income has which other insurance underwriters may not offer. If there are such special policies that only NTUC Income provides that is only exclusive to them, then that is the area of threat to the customer base should Allianz choose to discontinue this line of coverage.
Dear Prof Tommy Koh, you are right so don't have to worry about offending Mr Lim Boon Heng. I have signed a petition to oppose this decision 😅.
Singaporeans gain anything ?
Singapore don't have black or yellow gold under the feet but human capital
Koh doesn't have experience in managing investment. Lim holds temasek annual earnings of 300 billions.
Next time we said .. go all said ... go to allainz supermarket not go to ntuc haha😅😢😅😢😂
yes on drawing board.. Mr wong to announce alliance - ntuc fairprice 51/49..
Wayang
Don't challenge professor not same level
LKY once commented that he worried for Singapore as the young Singaporeans might think that "they have arrived ". I think he should worry for the young politicians as they probably think that Singapore has arrived and Singaporeans no longer need affordable insurance from ntuc