Income says chairman recused himself in Morgan Stanley appointment in deal

He is also chairman of S-E Asia at bank appointed as financial adviser in recent Allianz deal

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Income Insurance chairman Ronald Ong had recused himself when Morgan Stanley was appointed as the financial adviser as part of its recent deal with Allianz, the insurer said.

In a statement on July 27, the insurer said that of its 12 directors, 10 are independent.

"The full board, including all the independent directors, unanimously approved the transaction document entered into by Income Insurance in relation to the offer," the insurer added.

The statement comes as questions were raised about the appointment of the financial adviser.