SINGAPORE – In a dramatic turn of events, former Singapore Post (SingPost) executives Vincent Phang and Vincent Yik are fiercely contesting their recent termination following a whistleblower’s report. The board’s decision has ignited a storm of controversy, with the executives claiming their dismissal is unjust and lacking proper grounds.
Whistleblower Findings
On 21 December 2023, both Phang and Yik, along with Li Yu, head of SingPost’s international business unit, were fired after internal investigations concluded. The whistleblower’s report, first received in January 2024, alleged significant misconduct relating to the handling of international parcel shipments.
- Unapproved manual entries for delivery status codes.
- Intent to evade contractual penalties with a major customer.
- No evidence to support claims of delivery attempts—none were made.
Executives’ Response
In their official statement, Phang and Yik refuted any accusations of gross negligence or misconduct, expressing disappointment with the board’s ruling after years of dedicated service. They stated, “It is our position that the termination is without merits, and was also procedurally unfair. We will seek recourse against any allegations to the contrary.”
Moreover, the internal audit reportedly found serious breaches of conduct by three managers, suggesting that the executives did not independently verify claims made by their subordinates.
Company’s Stance
Despite the backlash, SingPost remains resolute in its position regarding the dismissals. A company spokesperson stated, “We are confident of our legal position and will address this at the appropriate time and forum if necessary.” They did not provide further comments due to the potential for litigation.
Impact on Shareholders
The turmoil has affected SingPost’s stock, with shares dropping to 52 cents following the news of the terminations, marking an 8% decline on 23 December 2023.
This situation underscores the importance of corporate governance and accountability, particularly within organisations handling sensitive logistics and customer agreements.