(Reuters) – The Singapore Post said on Sunday it had sacked its chief executive and two other senior managers after an internal investigation found they had mishandled whistleblower allegations about misconduct by company employees.
The company’s shares fell the most in more than four years with the opening of the city-state’s stock exchange for trading. The stock fell as much as 9.8%, the largest intraday loss since March 2020.
The alleged misconduct reported by the whistleblower involved several employees who worked on the company’s international e-commerce parcel logistics, the company said in a statement, without providing further details.
The company received a whistleblower report alleging that three unnamed employees either approved or manually updated the “Delivery Failed” status code for parcels, even though no deliveries were made, the statement said.
It added that CEO Vincent Fang, head of the company’s international business unit Li Yu, and chief financial officer Vincent Yik were fired after the company found that they were “negligent” in handling the case and misrepresented it before the audit committee.
President Simon Israel will oversee Singapore Post’s senior management in the meantime. The company said it plans to announce a new CEO in due course.
Singapore Post also said it would pay a settlement to the customer, whose details the company did not disclose.
The company said that Fang and Yik had indicated that they would “strongly oppose the termination of his employment, both on the merits and on the basis of procedural unfairness.”
The company is undergoing a strategic review under which it will sell Australian assets to private equity firm Pacific Equity Partners for A$1.02 billion ($638.21 million).
($1 = 1.5982 Australian dollars)
https://i-invdn-com.investing.com/news/indicatornews_1_800x533_L_1413124982.jpg
Source link