Tan Suee Chieh urges Jalan Kayu voters to seek accountability from Ng Chee Meng over Income-Allianz deal

SINGAPORE: Former NTUC Income CEO Tan Suee Chieh has issued a strong appeal to voters of Jalan Kayu Single Member Constituency (SMC), where Ng Chee Meng, Secretary-General of NTUC, is contesting for a seat in Parliament. In an open letter dated 27 April 2025, Tan urged residents to hold Ng accountable for his leadership role in the failed attempt to sell Income Insurance to Allianz in 2024. On 17 July 2024, German insurer Allianz announced a S$2.2 billion plan to acquire a 51% stake in Singapore’s Income Insurance Ltd, aiming to elevate its position as Asia’s fourth-largest composite insurer, up from ninth. On 5 August 2024, Ng publicly endorsed the proposed sale, just one day before a critical parliamentary debate. Tan criticised Ng, stating that between 6 August and 14 October 2024, while public concerns intensified, Ng allegedly remained silent on the issue. Ultimately, the deal was halted in Parliament following a major public outcry and government intervention, after it emerged that the agreement included a capital reduction clause that went against the original intention of retaining assets in the privatised Income entity, which was formerly a co-operative, for the purpose of fulfilling its social mission. Allianz officially confirmed the withdrawal of the deal on 16 December 2024.

Tan's earlier attempts to seek engagement

In his letter, Tan revealed that he had privately written to Ng and K Thanaletchimi, President of NTUC, in late July 2024 to express his concerns over the sale. He also posted extensively on social media to alert the public to the risks and implications of the proposed acquisition. Despite these efforts, Tan alleged that Ng neither responded to his private representations nor engaged publicly on the issue during the growing scrutiny. As Secretary-General of NTUC and a member of the NTUC Enterprise Board that approved the deal, Tan said Ng holds leadership responsibility for the controversy. Now that Ng is seeking the mandate of Jalan Kayu residents, Tan stated that it is both fair and necessary for voters to question 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," Tan wrote. He stressed that in a young democracy like Singapore, speaking up is an act of care and responsibility, not division.

Ng Chee Meng defends his actions

Responding to media queries earlier on 26 April, Ng defended his involvement in the Income-Allianz deal, stating that the proposed sale was conducted in good faith. Ng said a review had been initiated after the government halted the sale, with the aim of learning lessons from the episode. "We will learn the proper lesson out of this episode and see how we can do better," Ng said during a media interview. He added that the review would guide improvements to better meet business needs and respond to public feedback.

Pritam Singh's criticism over NTUC’s relationship with the PAP

Separately, Workers' Party (WP) chief Pritam Singh addressed the issue during a WP rally on 26 April 2025. Singh suggested that Ng Chee Meng and Desmond Choo, NTUC's assistant secretary-general, could continue serving workers even if not elected to Parliament. He urged voters to support WP candidates Andre Low in Jalan Kayu and Kenneth Foo in Tampines Changkat. During his speech at Temasek Junior College in Tampines, Singh criticised the close ties between NTUC and the People's Action Party (PAP). He described the labour movement as a "guaranteed trampoline" for PAP candidates who lose elections, enabling them to continue lobbying the government. "It is the safest trampoline for a politician anywhere in Singapore, and maybe anywhere in the world," Singh said, highlighting the symbiotic relationship between NTUC and the ruling party. Despite his criticisms, Singh praised rank-and-file unionists for their dedication to improving workers’ rights. "Union work is not easy, and I thank them for their passion and effort," he stated. He argued that helping PAP candidates Ng and Choo focus full-time on their NTUC roles would allow them to better serve workers and perhaps even implement ideas proposed by the WP. The Jalan Kayu race on 3 May 2025 will see Andre Low from the WP face off against Ng Chee Meng of the PAP. Meanwhile, in Tampines Changkat, Kenneth Foo of the WP will challenge Desmond Choo from the ruling party.