Pivatisation of NTUC Income

STATEMENT FROM NTUC INCOME

The media had recently reported on Mr Tan Kin Lian's comments regarding his departure from NTUC Income. While it is not the policy of NTUC Income to publicly comment on staff matters, an exception has to be made in this instance so as to set the record straight.

In addressing his departure from NTUC Income in September 2006, Mr Tan had reportedly said that he 'fought suggestions (by the Board) that NTUC Income be privatised' and alluded to this as the reason for the Board asking him to leave.  The Board had no intention then and has no intention now to privatise NTUC Income.

Suffice to say, Mr Tan was asked to leave for other reasons. We do not think that it would be appropriate to disclose these reasons in the public domain.

STATEMENT BY TAN KIN LIAN
I welcome the statement by the board of NTUC Income that they do not intend to privatise NTUC Income. In my earlier statement, I had said that there were a few occasions during the past 15 years, when this issue was raised and discussed. As to the reason for my departure, NTUC Income had earlier issued a statement that the board wanted "to professionalise" the managment. It is the prerogative of the board to decide on the business strategy of the cooperative and I wish them all the best.