Singapore Post Ltd.’s (SingPost) recent dismissal of three senior executives has prompted calls for an independent inquiry by the Securities Investors Association Singapore (SIAS). The dismissals, stemming from alleged misconduct within SingPost’s international e-commerce logistics parcel business, have been met with strong denials by the former executives, creating a significant discrepancy in the narratives presented.
SIAS President David Gerald highlighted the need for an independent investigation in a January 2nd statement. He emphasized the conflicting accounts between SingPost and the dismissed executives, stating that the situation “raises more questions than provides answers.” Gerald asserted that an independent inquiry is the “only way to properly resolve this” fundamental difference in positions.
The controversy began last month when a whistleblower report alleged lapses in SingPost’s international e-commerce logistics operations. An internal investigation by SingPost reportedly uncovered manual entries of delivery status codes by several employees, allegedly to circumvent contractual penalties with a major customer. SingPost claims these actions constituted grounds for disciplinary action and subsequent dismissal of the three executives, accusing them of making false statements during the investigation.
Conversely, local media reports indicate that two of the dismissed executives deny knowledge of the full facts and contend that the termination process was “procedurally unfair.” They plan to contest their dismissals. This stark contrast in perspectives underscores the complexity of the situation and fuels the demand for external scrutiny.
In response to SIAS’s call for an inquiry, SingPost has expressed openness to discussions with the investor watchdog, according to CNA. This willingness to engage with SIAS could potentially pave the way for a more thorough and transparent examination of the events leading to the dismissals. The outcome of this situation holds significant implications for SingPost’s corporate governance and its relationship with investors. A credible and independent investigation will be crucial in restoring trust and ensuring accountability.
