Former SingPost CEO and Two Others Terminated Over Whistle-Blower’s Report
THE former group chief executive of Singapore Post (SingPost), Vincent Phang, has resigned from his role as a non-executive, non-independent director with effect from Sunday (Dec 12), the mainboard-listed group announced on Monday.
Reason for Resignation
This comes after Phang, former group chief financial officer Vincent Yik, and former chief executive of SingPost’s international business unit Li Yu were fired by SingPost on Dec 21.
Investigation Findings
The three were found to have been negligent in the handling of internal investigations over a whistle-blower’s report and in subsequent probes, said SingPost in December.
Whistle-Blower’s Report
The whistle-blower’s report was related to SingPost’s non-regulated international e-commerce logistics parcels business.
Investigation Results
SingPost’s investigations into the report found that three managers in the international business unit had “committed serious breaches of the company’s code of conduct” for deliveries for “one of its largest” customers.
Findings
They had performed or approved manual updates of the “delivery failure” status code for parcels SingPost had agreed to deliver – without supporting documents and without delivery attempts having been made.
Reactions
In a joint statement after their employment was terminated, Phang and Yik said they “categorically reject any suggestion that we were grossly negligent, had behaved inappropriately or had sought to misrepresent facts at any point”.
The duo said they will “vigorously contest” the termination of their employment, both on merit and on the grounds of procedural unfairness.
Stock Performance
SingPost shares slid 1.9 per cent or S$0.01 to S$0.53 on Monday, before the announcement.
Conclusion
The termination of Phang, Yik, and Li Yu is a significant development for SingPost, highlighting the importance of accountability and transparency in corporate governance. The company’s actions demonstrate its commitment to upholding high ethical standards and protecting its reputation.
FAQs
Q: Why were Phang, Yik, and Li Yu terminated?
A: They were terminated due to their negligence in handling internal investigations over a whistle-blower’s report and in subsequent probes.
Q: What was the whistle-blower’s report about?
A: The report was related to SingPost’s non-regulated international e-commerce logistics parcels business.
Q: What were the findings of the investigation?
A: The investigation found that three managers in the international business unit had committed serious breaches of the company’s code of conduct for deliveries for one of its largest customers.
Q: What is the current status of Phang, Yik, and Li Yu?
A: Phang has resigned as a non-executive, non-independent director, while Yik and Li Yu are contesting their termination of employment.
Q: How did SingPost’s stock perform after the announcement?
A: SingPost shares slid 1.9 per cent or S$0.01 to S$0.53 on Monday, before the announcement.
