Income-Allianz deal: MPs raise concerns about govt blocking foreign investment

Second Finance Minister Chee Hong Tat has reassured parliament that Singapore remains committed to upholding its status as an open, rules-based and pro-enterprise business hub. A new law was passed today to have the Culture, Community and Youth Ministry's view be considered in applications related to insurers that are either a co-op or linked to one. During the four-hour debate, over 15 MPs from the ruling and opposition parties, as well as Nominated Members of Parliament, rose to speak. MPs raised concerns on how the government's intervention to block the proposed deal between NTUC Income and German insurer Allianz could affect investor confidence and stability of laws in Singapore.