SM Lee rejects groupthink claim, says WP would have approved Income-Allianz deal if in power

SINGAPORE: Senior Minister Lee Hsien Loong rejected allegations of groupthink on 27 April 2025, during a People's Action Party (PAP) rally at Fern Green Primary School. He asserted that the government reviewed the aborted Income-Allianz deal impartially. Lee explained that the National Trades Union Congress (NTUC) initially viewed the Income-Allianz sale as a reasonable agreement. Consequently, it was understandable that labour Members of Parliament (MPs) had not raised objections early on. Responding to Workers' Party (WP) chief Pritam Singh’s comments, Lee pointed out that only one WP MP, He Ting Ru, filed a parliamentary question regarding the deal. In contrast, six non-labour PAP MPs had raised concerns, including Ang Wei Neng, Yip Hon Weng, Liang Eng Hwa, and Saktiandi Supaat. Earlier, in a 26 April rally speech, Singh cautioned that voting in PAP candidates with close ties to NTUC would not promote genuine scrutiny or accountability. Citing the proposed S$2.2 billion sale of Income-Allianz deal, which was abandoned following public backlash, Singh observed that no PAP labour MPs had filed questions or contributed to the parliamentary debate when the issue arose. “Elected PAP MPs who champion NTUC… should fight hard in Parliament when NTUC issues are raised, particularly issues that Singaporeans are concerned about,” he said. Singh reassured voters that WP’s candidates, if elected, would work diligently on the ground and manage town councils effectively in the constituencies they contested.

Criticism of alternative parties’ stance

"If it had been left to the Workers' Party as government, the deal would have gone through because they didn’t oppose it," Lee said on 27 April. He criticised the WP for abstaining from voting on the Amendment Bill that blocked the merger, questioning their effectiveness in safeguarding public interests. Lee clarified that while the government initially agreed with NTUC’s assessment, it changed its position after conducting deeper due diligence. Further details provided by the Monetary Authority of Singapore (MAS) revealed new concerns, prompting the government to amend the law to block the deal.

Lee defends PAP-NTUC symbiotic relationship

Lee emphasised that it was the government, not NTUC, that had the authority and responsibility to block the deal. He stressed that the process reflected a "symbiotic relationship" between the government and NTUC, without any groupthink. He reiterated that the PAP-led government acted transparently and was accountable to Singaporeans. "We are brothers with them, a symbiotic relationship. You make a decision, and I look at it impartially and objectively, afresh. There's no groupthink," Lee said. Lee further criticised the WP’s minimal engagement during the legislative process. He argued that alternative parties failed to contribute meaningfully, stating, "Zero is zero. Two times zero is zero. Ten times zero is also zero."

Support for Ng Chee Meng reaffirmed

Touching on the role of labour chief Ng Chee Meng, Lee praised Ng’s perseverance and commitment to NTUC after losing his parliamentary seat following the PAP’s defeat in Sengkang GRC. Despite the setback, Ng continued serving workers during the crisis. Lee endorsed Ng’s candidacy in the upcoming election, urging voters to back him. "I commend him to you wholeheartedly. I ask you to give him your full support. He will serve you well," Lee said. The proposed sale of Income Insurance to German insurer Allianz, announced on 17 July 2024, involved Allianz acquiring a 51 per cent stake for approximately S$2.2 billion (US$1.6 billion). Ng had publicly endorsed the deal on 5 August 2024. The proposed sale sparked public concern about Income’s ability to uphold its social mission. Although Ng highlighted NTUC’s continued commitment, the government decided in October 2024 that the deal was not in the public interest and amended legislation to block it. Subsequent disclosures revealed that the NTUC central committee had been unaware of a S$2 billion capital extraction plan tied to the deal, due to commercial sensitivities. Following the controversy, Allianz formally withdrew its offer on 16 December 2024. Lee concluded by urging voters to choose based on genuine conviction rather than political gamesmanship. He warned against treating the election as an experiment, stressing that "it's very dangerous" to vote tactically.