Signed by Singapore Post at the Singapore Post Office on 2 November 2015.
Thomas White | Reuters
Singapore Post On Sunday, the company said it had fired the chief executive and two other top executives after an internal investigation found they mishandled a whistleblower’s allegations of employee misconduct.
The company’s shares fell the most in more than four years as trading opened on the Singapore Exchange. The stock plunged as much as 9.8%, its biggest intraday drop since March 2020.
The company said in a statement that the alleged misconduct reported by the whistleblower involved several employees in the company’s international e-commerce logistics and parcel business, but did not provide further details.
The statement said the company received a whistleblower report that three unnamed employees approved or manually updated a package’s “delivery failed” status code even though it was not delivered.
The company added that Chief Executive Vincent Phang, Li Yu, head of the company’s international business unit, and Finance Chief Vincent Yik were fired for “negligent” handling of the case and for making false statements to the audit committee.
Chairman Simon Israel will oversee SingPost’s senior management during this period. The company said it plans to announce a new chief executive in due course.
SingPost also said it would pay a settlement to the customer, but it did not disclose the customer’s details.
The company said Phang and Yik had indicated they would “strongly protest the termination of his employment on the basis of unfair circumstances and procedural unfairness”.
The company has been conducting a strategic review and plans to sell Australian assets to private equity firm Pacific Equity Partners for A$1.02 billion ($638.21 million).
