In a dramatic turn of events, Singapore Post has terminated the employment of three senior executives following a whistleblower report that unveiled serious breaches in internal investigations. The company’s group chief executive officer, Mr Vincent Phang, group chief financial officer, Mr Vincent Yik, and the chief of the international business unit, Mr Li Yu, were all relieved of their duties as a result of the findings.
Whistleblower Report Triggers Investigation
The saga began when a whistleblower reported concerning practices within Singapore Post’s international e-commerce logistics operations. Allegations centred around improper manual entries of delivery status codes related to international parcels, suggesting attempts to evade contractual penalties.
- Manual entries were reportedly made without supporting documentation.
- The report triggered an internal investigation headed by the company’s audit committee.
Serious Breaches Identified
Following the investigation, the three executives were found to have acted with “gross negligence”. They were accused of:
- Failing to consider important facts that compromised their decision-making.
- Making serious misrepresentations to the audit committee.
As a result, disciplinary proceedings were initiated, leading to their immediate dismissal.
Response from the Executives
In a statement, Mr Phang and Mr Yik expressed their disappointment over the board’s decision, stating they would vigorously contest their terminations. They claimed that their actions were in line with company policies and that they had acted in the best interests of Singapore Post.
Immediate Impacts on Singapore Post
Following the firings, SingPost assured customers that postal services would remain unaffected. An interim leadership plan is in place while the company searches for new executives to fill the vacant positions.
The chairman of the board, Simon Israel, will oversee the management team until new appointments are made.
This ongoing saga illustrates the complexities within Singapore’s corporate governance landscape, reminding us how crucial integrity and accountability are within our businesses.