On 28th April 2025 Former NTUC Income CEO Tan Suee Chieh posted on his linked In an open letter calling for voters of Jalan Kayu SMC to hold Ng Chee Meng Accountable.
Letter to Voters of Jalan Kayu
Proposed Sale of Income Insurance to Allianz in 2024 and Mr Ng Chee Meng’s Accountability
I have written this Letter to the Voters of Jalan Kayu SMC (see attached document), where Mr Ng Chee Meng is seeking election as a Member of Parliament. It concerns Mr Ng’s leadership role in the aborted sale of Income Insurance to Allianz in 2024.
Mr Ng made a very public endorsement of the proposed sale on 5 August 2024, the day before the first parliamentary debate. Between 6 August and 14 October — when the deal was stopped in Parliament — he did not offer any clarification, even as public concerns mounted. Ultimately, the deal collapsed following widespread public outcry and urgent intervention by the Government.
As many of you know, I was a protagonist in the public debate over this issue, which was close to my heart. In late July 2024, I wrote privately to Mr Ng and to Ms K. Thanaletchimi, President of NTUC, to express my concerns. I also posted extensively on social media to highlight the risks and implications. Despite these efforts, Mr Ng did not respond to my representations, nor did he publicly engage as scrutiny grew following the parliamentary debates of 6 August 2024.
Between August and October 2024, as national concern deepened, he remained silent on the key issues surrounding governance, mission, and accountability.
As Secretary-General of NTUC and a member of the NTUC Enterprise Board that approved the deal, Mr Ng bears leadership responsibility for what transpired.
Now that he seeks the trust and mandate of Jalan Kayu residents, it is fair — and necessary — for citizens to ask him to account for his role and decisions.
We live in a troubled world. Citizens must speak up on matters that affect our collective future, especially when decisions are taken in our name. These are not acts of division; they are acts of care for our country and for the institutions we rely upon.
For a young democracy like Singapore, such open engagement is vital to our nation’s future and resilience. To be able to speak up freely is a privilege. To speak up when one feels it matters is a citizen’s responsibility.
It is in this spirit that I write this open letter to the voters of Jalan Kayu.e given my background and familiarity with the issues. As loyal citizens who care for our country, we must speak up on matters of public interest. This promotes accountability and a resilient society.
It is in this spirit that I publish this open letter.
Yuen Teen Mak
Workers’ Party Challenges PAP Accountability Over NTUC Income Handling
The Workers’ Party (WP) has publicly challenged the People’s Action Party (PAP) government regarding its accountability in matters concerning NTUC Income, with recent opposition rallies highlighting concerns over the handling of a proposed deal between NTUC Income and German insurer Allianz.
The core of the WP’s criticism centers on the aborted transaction, which would have seen Allianz acquire a significant stake in the NTUC-affiliated insurer. The WP has raised questions about the initial support for the deal within the labour movement and the subsequent decision by the government to block it through legislative changes.
During recent rallies, WP leaders have specifically pointed to the perceived lack of parliamentary scrutiny from PAP Members of Parliament (MPs) with ties to the labour movement regarding the proposed deal. They have questioned why these labour MPs did not raise concerns or ask questions in Parliament when the transaction was being considered. This has led the WP to characterize the relationship between the NTUC and the PAP as one lacking sufficient independence, with some suggesting the labour movement serves as a “guaranteed trampoline” for losing PAP candidates.
Furthermore, the WP has raised concerns about the implications of the government’s decision to intervene and stop the deal by changing the law. While not opposing the blocking of the deal itself, the party has questioned the method and the potential impact on legal and regulatory certainty for businesses in Singapore. They have argued that changing legislation mid-transaction could undermine confidence.
In response, the PAP has defended its position, stating that the Income-Allianz deal was initially viewed favourably by NTUC and proposed in good faith, adhering to regulations at the time. They have explained that the government’s decision to block the deal followed further due diligence and a review of additional information, which raised concerns about the potential impact on NTUC Income’s social mission.
PAP representatives have also highlighted that while labour MPs may not have raised questions, other non-labour PAP MPs did pose questions regarding the deal in Parliament. They have also pointed out that the WP itself abstained from voting on the bill that facilitated the blocking of the deal, suggesting that had the WP been in power, the transaction might have proceeded.
The exchanges during these rallies underscore the WP’s ongoing efforts to hold the PAP accountable on issues of governance, transparency, and the protection of public and worker interests in entities linked to the labour movement. The NTUC Income-Allianz saga has become a focal point for these discussions, with the WP demanding greater clarity and accountability from the government and NTUC leadership.
Ng Chee Meng needs to be held accountable. Let’s help him focus on his job at NTUC instead of being a member of parliament. VOTE WISELY.
