SingPost made 'administrative oversight' in 2014 deal disclosure

Singapore

POSTAL and e-commerce group Singapore Post said on Tuesday that it had not properly disclosed a board director's interest in a 2014 acquisition that the group had agreed to pay up to £7 million (S$14.8 million) for.

Citing "administrative oversight", SingPost noted in a Singapore Exchange (SGX) filing that it had stated in July last year that none of its directors had had any interest in SingPost's purchase of FS Mackenzie, a United Kingdom-based freight forwarder.

However, one of its directors actually had an interest in the FS Mackenzie deal at the time it was done, although he had abstained from voting on the deal.

UPDATE: SingPo…