Singapore Post fires chief executive over handling of whistleblower report

Singapore Post said connected Sunday it had dismissed its main enforcement and 2 different elder managers aft an interior probe recovered they had mishandled whistleblower allegations astir misconduct by institution employees.

The firm's shares slumped by the astir successful implicit 4 years arsenic the city-state's bourse opened for trading. The banal plunged arsenic overmuch arsenic 9.8%, its biggest intraday nonaccomplishment since March 2020.

The alleged misconduct reported by the whistleblower related to respective employees who worked successful the company's planetary e-commerce logistics parcels business, the institution said successful a statement, without giving further details.

The steadfast had received a whistleblowing study alleging that 3 unnamed employees had either approved oregon manually updated a "delivery failure" presumption codification for parcels, adjacent though nary transportation was done, the connection said.

CEO Vincent Phang, the main of the company's planetary concern portion Li Yu, and Chief Financial Officer Vincent Yik had been dismissed aft the institution recovered they had been "negligent" successful handling the lawsuit and misrepresented it earlier an audit committee, it added.

Chair Simon Israel volition oversee elder absorption of Singapore Post in the interim. The institution said it planned to denote a caller CEO successful owed course.

Singapore Post also said it volition wage a colony to the customer, whose details the steadfast did not disclose.

Phang and Yik person indicated they volition "vigorously contention the termination of his employment, some connected merits and connected the grounds of procedural unfairness," the institution said.

The steadfast has been undergoing a strategical reappraisal nether which it is selling Australian assets to backstage equity Pacific Equity Partners for A$1.02 cardinal ($638.21 million).