SingPost’s Parcelgate fiasco is a corporate governance disaster
Disclosures by the postal service provider throw up more questions than answers
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IN A shocking disclosure on Sunday (Dec 22), national postal service provider Singapore Post (SingPost) announced that it had fired three senior management staff – group chief executive Vincent Phang, group chief financial officer Vincent Yik, and chief executive of its international business unit (IBU) Li Yu.
The terminations, which took immediate effect on the day before this announcement, came after the trio were found in a review by an external law firm to have been “grossly negligent” in the handling of internal investigations over a whistleblower’s report that SingPost had received earlier this year.
But what could be more shocking is what the company has failed to disclose in its bourse filing.
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