Culture, Community and Youth Minister Edwin Tong stated in parliament that it would not be in the public interest for a proposed transaction involving Income to proceed due to concerns about the company’s ability to fulfill its social mission. The government supports Income finding a strong partner for long-term financial sustainability, but the current deal lacks provisions to ensure the social mission is upheld. While the transaction will not go forward, the government is open to new arrangements as long as the issues raised are addressed, and there will be amendments to the Insurance Act to clarify MCCY’s role in such matters.
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