SINGAPORE: Veteran diplomat Tommy Koh has joined those who have expressed disappointment over Allianz’s plans to acquire a majority stake in Income Insurance after the German conglomerate made a S$2.2 billion offer for a 51% stake in the company that started out as a social enterprise dedicated to serving all Singaporeans. Prof Koh did not mince words, as he asserted on social media that selling Income is not a good idea, and the social purpose it was aimed at is still valid today.
He wrote: “INCOME started life as a cooperative of NTUC like Fairprice. The idea was to offer insurance to the people at affordable rates. A few years ago it was made into a company and ceased to be a cooperative.
Now we are told that it may be sold to a German insurance company. I don’t think it’s a good idea to sell INCOME. It was founded to serve a social purpose and a social need.
They remain valid today. I wish to argue that INCOME and Fairprice should never be sold.” This call by Singapore’s Ambassador-at-large quickly gained traction online, with ordinary Singaporeans and other prominent individuals agreeing with Prof Koh’s take.
Former mainstream media editor PN Balji commented, “I am against selling Income. Will we dare sell SIA?” National University of Singapore Associate Professor Ben Leong stated the post on his own Facebook page and opined, “I agree that something is wrong with this picture.” These comments come after ex-NTUC Income chief Tan Kin Lian criticised t.