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Singapore Post fires CEO over handling of whistleblower report

Singapore Post stated on Sunday it had actually dismissed its chief executive and 2 other senior managers after an internal investigation discovered they had mishandled whistleblower claims about misconduct by company employees.

The company's shares plunged by the most in over four years as the city-state's bourse opened for trading. The stock plunged as much as 9.8%, its greatest intraday loss since March 2020.

The alleged misbehavior reported by the whistleblower associated to a number of staff members who worked in the business's international e-commerce logistics parcels service, the company stated in a. statement, without giving additional information.

The company had received a whistleblowing report alleging that. 3 unnamed workers had either approved or by hand updated. a delivery failure status code for parcels, although no. shipment was done, the statement stated.

CEO Vincent Phang, the chief of the business's worldwide. organization unit Li Yu, and Chief Financial Officer Vincent Yik had. been dismissed after the company discovered they had been irresponsible. in dealing with the case and misrepresented it before an audit. committee, it included.

Chair Simon Israel will manage senior management of. Singapore Post in the interim. The company stated it prepared to. reveal a brand-new CEO in due course.

Singapore Post also said it will pay a settlement to the. consumer, whose information the company did not reveal.

Phang and Yik have actually shown they will strongly contest. the termination of his employment, both on benefits and on the. premises of procedural unfairness, the business stated.

The company has been undergoing a tactical evaluation under which. it is offering Australian possessions to personal equity Pacific Equity. Partners for A$ 1.02 billion

(source: Reuters)