NTUC Enterprise’s Shares in Income Insurance

Response to parliamentary question on whether NTUC Enterprise’s undertaking to hold on to the shares of Income Insurance was not for an indefinite period.

PQ reply 6560. Mr Pritam Singh: To ask the Minister for Culture, Community and Youth whether an update can be provided on MAS' further work to establish the facts in relation to the representations made by the former CEO of Income Insurance Ltd (Income) and NTUC Enterprise, respectively, on whether NTUC Enterprise’s undertaking to hold on to the shares of Income was not for an indefinite period.

1. Government agencies are presently reviewing the facts and circumstances in relation to the proposed transaction between NTUC Enterprise and Allianz Europe B.V.. This includes the issue raised in this Parliamentary Question.  It will not be appropriate to answer this PQ until the agencies have completed their review.