In the latest turn of events, Temasek Holdings-backed company Singapore Post fired its top leadership amid the whistleblower report. The company fired its CEO, Vincent Phang, CFO Vincent Yik and the head of the international business unit, Li Yu, along with managers for their misconduct in its international e-commerce logistics operations.
As per the Bloomberg report, the leadership was responsible for manipulating the data to avoid the penalties outlined in one of the key client contracts. The company later submitted the report to the government regulators for further action.
SingPost announced plans to appoint a new CEO; in due course, Isaac Mah, the CFO of its Australian operations, will be appointed Yik’s successor to maintain business continuity. In the meantime, Chairman Simon Israel will oversee senior management, according to a Bloomberg report.
The company also confirmed it would compensate the unnamed customer involved in the matter. SingPost assured stakeholders that the settlement would not significantly affect its net tangible assets, earnings per share, or financial performance for the current year, as reported by Bloomberg.
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Phang and Yik challenged their termination in a separate statement, describing it as “without merit and procedurally unfair.” Both denied allegations of gross negligence and pledged to “vigorously contest” their dismissal.
