The whistleblowing matter was considered an 'isolated' issue.
Singapore Post Limited answered queries from the Securities Investors Association (Singapore) (SIAS) after SingPost dismissed its chief executive and two other senior executives over mishandled whistleblower allegations.
In a statement, SingPost said that the initial whistleblowing report was received in January 2024, whilst a subsequent whistleblowing report was received in February 2024.
The reports led to investigations into the three staff in the International Business Unit (IBU) Operations, and related to the manual keying in of the "delivery failure" (DF) status code allegedly without basis or supporting documentation and with the intention of avoiding contractual penalties.
Vincent Phang, group CEO, Li Yu, CEO of the group's international business, and the group's CFO Vincent Yik were dismissed after it was revealed that the trio were 'grossly negligent and had omitted to consider material facts that compromised their decision-making and/or failed to perform their duties responsibly and reliably.'
SingPost clarified that the three former key management executives were not directly involved in the allegations raised in the whistleblowing reports.
The group said that appropriate Board oversight and internal controls in relation to the three former key management executives were in place at all material times, and no additional safeguards or measures were deemed necessary in the course of the investigations and disciplinary proceedings against them.
When asked if there are any ongoing reviews by an external legal counsel, the group said investigations into the whistleblowing matter have concluded, with the investigation and disciplinary process followed by SingPost.
It also added that the company's investigations into the whistleblowing matter had determined that the issue was isolated and limited only to the contract with the specific customer and the practices of the three former staff from IBU Operations.
The practice of manual "DF" data entries ceased under instructions given by the Audit Committee to Management, and corrective action was also taken to prevent similar occurrences and address all relevant operational gaps.
The Audit Committee will, with the assistance of GIA, continue to review the effectiveness of the corrective actions which have been taken, as part of the Group's next internal audit plan. The Board is of the view that the Group's internal controls and risk management systems are
adequate to address the risks which the Group considers relevant and material to its operations
and finances.
SingPost also said that the internal investigation report will not be published however it has already made an announcement regarding the disciplinary actions which followed from the investigations was duly made on 22 December 2024 in accordance with SGX rules.
SingPost also added that the termination of the three former key management executives will not affect the sale of its Australian business.
Following the group's succession plan, Isaac Mah, CFO of the group's Australia business will return to Singapore to take up the role of group CFO whilst Gang Heng, head of South District International Business will become acting CEO of the group's international business.
The group is currently on the hunt for the company's new Group CEO.
