Investor group SIAS calls for independent inquiry in SingPost exec dismissals

The group said this points to an ‘extremely serious’ breach of rules.

Securities Investors Association(Singapore) (SIAS) is calling for an independent professional inquiry into the circumstances leading to the dismissal of three key executives of Singapore Post Limited over the mishandling of whistleblower allegations.

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.’

In a letter dated 2 January, David Gerald, Founder, President and CEO of SIAS said the the sudden dismissal of three senior executives from SingPost, coupled with their vigorous denial of the allegations against them, has raised critical questions in the minds of shareholders, investors and the market.

“The fact that they were told to leave with immediate effect points to an extremely serious breach of the rules which in turn necessitates detailed explanations. Yet it has to be said that the disclosures from the company and the responses from the three executives thus far raise more questions than provide answers,” Gerald said.

Gerald also questioned if the board was the appropriate body to lead the investigation and if the Group Internal Audit (GIA) department has the necessary skills and expertise to objectively conduct the probe as well as how many staff are there in GIA.

Gerald also said, citing SingPost’s statement released last 29 December, that it appears that the three affected individuals knew of the GIA’s findings as early as 11 March 2024 but nevertheless delivered false testimony three times.

“However, Messrs Phang and Yik in their 31 Dec release have stated that they were interviewed on only two occasions and not three between 11 March-3 April, these being on 11 March and 3 April. Furthermore, they state that when they were interviewed, they were not privy to the GIA’s findings and so “responded accordingly based on the facts that were provided’’ to them at the time, these facts presumably coming from the departments concerned. They further stated that it was only on 27 April 2024 when the external forensics team’s investigations came to light that they had full knowledge. So how many times were Messrs Phang and Yik interviewed, was it two or three? When did these two gentlemen know of the GIA’s findings, was it 11 March or 27 April? What about Mr Li? Was he interviewed two or three times?” Gerald said.

“Only through a wholly independent inquiry can transparency, accountability, and trust in SingPost’s governance be fully restored.”