SingPost shares fell sharply following the dismissal of its CEO and CFO due to their alleged mishandling of an internal investigation into failed deliveries. The investigation was prompted by a whistleblower report that revealed SingPost had manually marked some international e-commerce parcels as undelivered to avoid contractual penalties.
SingPost shares tumbled almost 11% as investors reacted negatively to the leadership shake-up. Three senior members of the management team — including group CEO Vincent Phang and group CFO Vincent Yik — were sacked over the weekend for allegedly mishandling an internal probe on failed deliveries.
A whistleblower report had shown that SingPost had manually updated delivery codes for some of its international e-commerce parcels to indicate delivery failure without actually trying to deliver them — all with the intent of avoiding contracted penalties for non-delivery.
Singpost Leadership Shakeup Share Price Drop Delivery Failures Whistleblower Report
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