E-commerce woes could send Singapore Post back to square one

Singapore

RECEIVING a reprimand from Singapore Exchange (SGX) last week on governance lapses at Singapore Post (SingPost) more or less closes a chapter for the postal and e-commerce group, which is set to release results on Friday.

But a different kind of tabula rasa could await its soon-to-be new chief executive officer, who will take the helm at a company once lauded as a transformation champion but whose recent e-commerce troubles might put it in danger of being sent back to square one. The public rap from the bourse, which did not include a financial penalty, came roughly a year after investigators released their findings from a special audit of SingPost. In its statement, the SGX mainly stuck to suggesting that the entire board should have been responsible for deciding whether to correct inaccurate disclosures made by one errant director, Keith Tay.