Former NTUC Income CEO Demands Full Disclosure of NTUC Income Sale from DPM Gan Kim Yong

 

On April 28, 2025, former NTUC Income CEO Tan Suee Chieh published an open letter calling on Deputy Prime Minister Gan Kim Yong to provide full disclosure regarding his role in the failed sale of Income Insurance to German insurer Allianz. The letter, which was widely circulated on social media, urged Gan to explain his actions in order to help restore public trust in Singapore’s governance processes.

Tan revealed that this was his fourth attempt to seek clarification, having previously sent three letters to Gan between August and September 2024, all of which went unanswered. He noted that Gan’s past roles as Chairman of the Monetary Authority of Singapore (MAS) and former Chairman of the Singapore Labour Foundation (SLF) placed him in a critical position during decisions that affected NTUC Income’s strategic direction.

Tan said the collapse of the $2.2 billion Allianz deal exposed broader systemic weaknesses beyond just a failed transaction. He highlighted fragmented oversight and shifting narratives that contradicted earlier assurances given to the public. As Gan now leads the People’s Action Party (PAP) team contesting Punggol GRC in the upcoming election, Tan argued that transparency and accountability are essential expectations for any political candidate.

In his letter, Tan posed a series of pointed questions, beginning with why MAS did not require Allianz to inject new capital as part of the acquisition. He also questioned why MAS allowed US$1.85 billion in cash reserves to be extracted from Income without ensuring safeguards to protect its social mission. Tan raised concerns over the lack of engagement by MAS despite growing public unease during mid-2024 and questioned the transparency between MAS and senior government ministers.

Beyond regulatory concerns, Tan also questioned the governance framework within NTUC and its affiliates. He recalled that during Gan’s tenure as SLF Chairman, efforts were made to strengthen NTUC’s control over key social enterprises to preserve their social missions. Tan asked why, within a decade, this strategic direction shifted towards selling a major asset like Income to a foreign entity without clear protections.

He also raised issues around the dilution of SLF’s shareholding in NTUC Enterprise from 30% to 20% in 2021, which Tan suggested weakened government influence over decisions impacting public interest. Further, he criticised what he perceived as a lack of accountability among NTUC Enterprise and Income Insurance leaders, stressing that public institutions must explain and justify major policy reversals transparently.

Tan queried whether the concurrent holding of leadership positions across SLF, NTUC Enterprise, and Income by key figures compromised governance by restricting independent oversight. He urged reforms to enhance the independence and accountability of such structures.

Given Gan’s close involvement in Income’s capital injections between 2015 and 2017 — initiatives that came with specific undertakings to preserve its social mission — Tan pressed him to explain how he now viewed the apparent reversal of these commitments.

Tan concluded his letter by highlighting broader systemic risks. He noted that Income’s dominant role in motor, health, and travel insurance should have triggered stronger regulatory scrutiny over any foreign acquisition attempt. He questioned why MAS appeared willing to permit the loss of Income’s cooperative identity without parliamentary debate or public consultation.

Tan clarified that his intention was not to question Gan’s motives but to affirm the right of Singaporeans to demand accountability from their leaders. He called on Gan to respond candidly and urged voters in Punggol GRC, and across Singapore, to consider these issues carefully as they prepare for General Election 2025.

This letter follows a similar call made by Tan on April 27, when he urged voters in Jalan Kayu to question PAP candidate Ng Chee Meng over his leadership role in the failed Income-Allianz transaction. Speaking at a rally the same day, Ng defended the deal as having been proposed in good faith, and stated that a review has since been initiated to draw lessons from the episode. However, Ng did not address whether he had prior knowledge of the controversial capital extraction clause that triggered government intervention to block the sale.

Link to Tan Suee Chieh post: https://www.facebook.com/share/p/1FeQfbUwUr/