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Singapore Post names brand-new CFO in executive overhaul after whistleblower report

Singapore Post has appointed the CFO of its Australia company as group finance chief, the company stated on Sunday, a week after dismissing its CFO and 2 senior executives for mishandling a whistleblower report.

Isaac Mah, who signed up with Singapore Post in 2019, most recently manage the sale of the company's Australia business to private equity firm Pacific Equity Partners.

The Temasek-backed business has stated it will name a new group CEO in due course.

Singapore Post fired group CFO Vincent Yik recently, along with CEO Vincent Phang and its international organization unit chief Li Yu, after they were discovered to be negligent in managing a. whistleblower report.

The supposed misbehavior reported by the whistleblower associated. to a number of workers who operated in the business's global. e-commerce logistics parcels service.

Shares of Singapore Post have actually dropped 5.4% given that the company. announced the dismissals recently.

Temasek is the largest shareholder of Singapore. Post with a 21.75% stake in the company, followed by Alibaba. Financial investment with a 11.21% stake, LSEG information showed.

Phang and Yik have actually shown they will intensely contest. the termination of their work.

They stated in a joint statement on Tuesday that after the. whistleblowing report was sent, Singapore Post management. did not take part in the examination as set down in the. business's whistleblowing policy.

The duo were requested their views on the event on March. 11 and April 3 and reacted appropriately based upon the realities. offered to them at that time.

However they just ended up being mindful of the full truths on April 27. following examinations by the external forensics team, they. added.

A substantial majority of the deliveries in concern. were linked to destinations where there were understood problems - such. as conflict zones (for instance Israel).

It was therefore crucial to establish the financial. effect prior to communicating with the consumer in addition to. identifying any wrong doing by junior staff members.

Phang and Yik added that the management was briefed on. the external forensic team's definitive findings. The duo then. agreed with and followed the instructions of the board.

A settlement with the consumer was then concluded that. did not have a product financial effect, they stated, including. that details of their complete reactions were sent to the board. on Nov. 22.

Phang and Yik's declaration did not divulge the identity of. the customer.

(source: Reuters)