German insurer Allianz announced in July it was planning to buy a majority stake in Singapore's Income Insurance. SINGAPORE: Members of Parliament on Wednesday raised concerns that government intervention in corporate deals could affect Singapore’s business-friendly reputation, after a proposed deal betweenNearly 20 MPs from both sides of the House spoke on the Insurance Bill, in a debate that lasted close to four hours.
Several MPs asked whether NTUC was aware of the details of the deal between Income and Allianz, which involved a capital reduction plan.MPs said they were concerned that the government’s intervention in a foreign investor’s business deal could affect how investors see Singapore. He said he was concerned about whether the rejection of the Income-Allianz deal would impact Singapore’s reputation as a global hub that welcomes international investments.In response, Mr Chee said Singapore remains committed to being an “open, rules-based and pro-enterprise business hub”.
He suggested that the company needs a"Singaporean-controlled board of directors with real talent, real experience and a real vision" to come up with a coherent seven-year business plan. No need for Income policyholders to be concerned as insurer has enough capital, amid blocked Allianz deal: Chee Hong Tat“As far as possible, the government should rely on existing laws when assessing deals for regulatory approval,” said Non-constituency MP Hazel Poa .“Even though the Bill we are debating today is tightly scoped, the fact that we are amending the law today so that a specific pending acquisition application can be blocked may be unsettling to investors.
She sought clarity on when the level of public interest is deemed significant enough for the government to intervene, as it did in the case of the Income-Allianz deal. The Bill is an exception due to its urgency because the deal with Allianz is under consideration by shareholders, Mr Chee added. He said it appears that there were “multiple breakdowns of communication” between different government agencies.
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