Sudden Dismissal Shocks Singapore Post

SINGAPORE – In a shocking turn of events, Vincent Phang and Vincent Yik, the former CEO and CFO of Singapore Post (SingPost), were abruptly terminated from their positions on December 21st due to allegations stemming from a whistle-blower report. Both executives have announced their intention to contest this decision, arguing that their dismissal lacks merit and fairness.

Executives Contest Termination

In a joint statement released to the media, Phang and Yik expressed their dissatisfaction: "We vigorously contest the termination of our employment, asserting both procedural unfairness and a lack of substantive grounds for our dismissal. Any claims suggesting that we acted with gross negligence, behaved inappropriately, or misrepresented any facts are firmly rejected by us."

Whistle-Blower Report Initiates Investigation

The whistle-blower report, which prompted the internal investigations, accused SingPost of irregularities within its international e-commerce logistics sector. Specific allegations pointed to the manual manipulation of delivery codes for parcels, marking them as failed deliveries without any actual delivery attempts, and doing so without proper documentation.

Inquiry Findings and Company Response

The internal inquiry concluded that three high-ranking officials, including Phang and Yik, were guilty of serious breaches of company protocol. They allegedly relied excessively on misleading information provided by subordinate employees without seeking any independent verification. This led to the board of directors losing confidence in their judgment.

Following the investigation, SingPost did not disclose details about the nature of the parcels involved, their worth, or why they were undelivered. However, the company confirmed that affected customers had been informed and a mutual settlement had been reached, which included a renewal of contracts.

Legal Actions and Market Impact

In a significant move, the company has also filed a police report against the dismissed employees, indicating that the situation may escalate into legal territory. The internal investigations reportedly classified the actions of Phang, Yik, and a third executive, Li Yu, as "grossly negligent."

In reaction to the swift termination, Phang and Yik conveyed their disappointment, stating, “We had dedicated many years of our service to SingPost and believe our actions have always been in the business's best interest.”

Stock Market Reactions

The fallout from this incident contributed to a notable decline in SingPost’s stock, with shares opening at 52 cents on December 23—a drop of 8%.

Corporate Governance Implications

As this story develops, observers in the corporate world are keenly watching how the situation unfolds and whether allegations of misconduct could set a new precedent for corporate governance in Singapore.