Singapore Post fired its chief executive officer and several other senior leaders following allegations related to its international e-commerce logistics parcels business.
The Temasek Holdings-backed firm said on Sunday it began investigations after receiving a whistleblowing report alleging several employees manually submitted information with the intent of avoiding contracted penalties with one of Singapore Post’s largest customers. The whistleblowing report was also sent to the government regulator, according to a company statement.
Three managers were dismissed for the violations, and a police report was filed against them. CEO Vincent Phang, Chief financial officer Vincent Yik and Li Yu, CEO of its international business unit, were also terminated after the company found they were “grossly negligent” in handling the matter and made “serious misrepresentations” to the audit committee over the allegations.
The company plans on announcing a new CEO in due course and will appoint Isaac Mah, currently CFO of its Australian business, to replace Yik. Chairman Simon Israel will oversee the senior management of the company in the interim.
Singapore Post said it will pay a settlement to the unidentified customer. The settlement won’t have a material impact on the company’s net tangible assets for earnings per share or the current financial year.
Phang and Yik have indicated they will contest their terminations, Singapore Post said in its statement.
Clora Ramage
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