Update on Review of NTUC Enterprise’s Undertaking for Shares of Income Insurance

Mr Pritam Singh asked 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.

Mr Edwin Tong Chun Fai: Government agencies are presently reviewing the facts and circumstances in relation to the proposed transaction between NTUC Enterprise and Allianz Europe BV. This includes the issue raised in this Parliamentary Question. It will not be appropriate to answer this Parliamentary Question until the agencies have completed their review.