Tan Suee Chieh urges Gan Kim Yong to explain his role in failed Income-Allianz deal
In an open letter, former NTUC Income CEO Tan Suee Chieh urged Gan Kim Yong, now leading the PAP team in Punggol for GE2025, to explain his role in the failed Allianz-Income sale and to help rebuild trust in Singapore’s governance processes.
https://www.theonlinecitizen.com/2025/04...ianz-deal/
Tan Suee Chieh Urges Gan Kim Yong to Explain Role in Failed Income-Allianz Deal
Source: The Online Citizen
Published: 2025-04-27 16:00:00
Author: Not specified
Article Summary:
Theme: The article focuses on a public call for transparency and accountability from Tan Suee Chieh, former CEO of NTUC Income, directed at Gan Kim Yong, Deputy Prime Minister and PAP candidate in Punggol GRC for the upcoming General Election 2025.
Core Points:
- Tan Suee Chieh has written an open letter to Gan Kim Yong, urging him to explain his role in the failed Allianz-Income sale and to help rebuild trust in Singapore’s governance processes.
- Tan raised concerns about the proposed sale, specifically about Gan's dual role as Chairman of the Monetary Authority of Singapore (MAS) and former Chairman of the Singapore Labour Foundation (SLF).
- Tan questions the regulatory oversight by MAS, specifically why they didn't require Allianz to inject new capital and allowed Income to lose US$1.85 billion in cash reserves without safeguarding its social mission.
- Tan also questioned the shift in strategic direction within NTUC and its affiliates, particularly the near-sale of Income to a foreign multinational without sufficient safeguards.
- Tan expresses concerns about conflicts of interest and concentration of power among leaders within NTUC, suggesting that this could lead to selective information flow.
- Tan urges Gan to respond to the questions posed, in the spirit of democratic engagement and public service.
Phenomenon:
The article describes the public scrutiny surrounding the failed Allianz-Income deal, particularly as the General Election 2025 approaches. Tan's letter highlights the importance of transparency and accountability in public institutions, especially when they are involved in transactions affecting social missions and public interest.
Additional Information:
- Tan Suee Chieh's open letter to Gan Kim Yong is his fourth letter in an eight-month period, with the previous three sent between August and September 2024.
- Tan's letter follows a similar call made on 27 April, when he encouraged voters in Jalan Kayu to question PAP candidate Ng Chee Meng's leadership over the same issue.
- Ng Chee Meng, NTUC Secretary-General, defended his role in the transaction but did not address whether he had prior knowledge of the capital extraction clause.
Gan Bo Yong must explain...