“SIGNIFICANT” Bulk OF KNOWN Shipping LINKED TO DESTINATIONS WITH KNOWN ISSUES, SAY SACKED EXECUTIVES
SingPost announced on December 22  that the group’s CEO, Vincent Phang, the group’s chief financial officer ( CFO ) Vincent Yik, and the company’s international business unit’s chief executive Li Yu were fired for handling the whistleblowing report.
A reporting report was made earlier this year about SingPost’s global e-commerce logistics piece business, alleging there were regular entries of specific shipping status codes for global transhipment parcels the company had agreed to deliver as a result of an agreement with one of its largest customers.
According to the allegations, the regular entries were made without any justification or supporting documentation in an effort to avoid legal repercussions under the agreement.
Infocomm Media Development Authority ( IMDA ), Singapore’s postal regulator, also received a whistleblowing report on the same issue.  ,
In their management of the internal investigations into the reporting reports and the registration of the relevant contract, according to an independent review found that the three top SingPost executives were “grossly careless” in their conduct.  ,
In a Singapore Exchange (SGX ) bourse filing, the company claimed that they also “omitted to take into account material facts that compromised their decision-making and/or failed to perform their duties responsibly and reliably.”  ,
The three executives “accorded unfair weight” to the falsehoods made by some team members in the global business unit operations in their management of the reporting report.  ,
They did it without any independent supporting or supporting facts, which led to a number of grave untruths to the audit committee.  ,
The three major directors were found to have allegedly violated their obligations to the business and failed to exercise due diligence.  ,
Given the severity of these errors, SingPost claimed that its board had lost faith in the three executives ‘ wisdom and ability to carry out their duties.  ,
The trio’s employment was terminated with fast result the following day and their legal battle ended at the close of business on December 20.
According to president Simon Israel, the board’s decision to terminate senior administration was a thoroughly considered decision, based on established facts and supported by legal counsel, including a second independent mind from senior lawyers of another law firm, according to a , SGX filing on December 29.
According to SingPost, the three major professionals made false claims, including:
- that there was no proof of information manipulation or unauthorized access to the regular DF information entries
- Falsification was not provided to evade punishment.
- The client requested the exercise of human DF data entry.
- The buyer was conscious of the assumptions contained in the human DF data entries, and it is said that this practice is in line with industry exercise.
A” major lot” of the shipments in question were linked to places where there were known problems, such as issue areas like Israel, according to Mr. Phang and Mr. Yik’s most recent statement from December 31.
When asked for their opinions on March 11 and April 3, both men claimed they were unaware of the full facts of the situation and that they “reacted accordingly based on the facts that were provided to us at that time.”
They added that they were only informed of the “full facts” after the external forensics team’s investigations determined the causative correlation on April 27.
We agreed with and followed the board’s instructions once the management was informed of the conclusive report and findings following the external forensic team’s investigations.
All three senior executives have declared they will contest their dismissals, calling the decision “without merits.”