Investor Watchdog Calls for Independent Inquiry into Singapore Post’s Executive Dismissals
A recent controversy surrounding Singapore Post Ltd.’s sudden dismissal of three senior executives has sparked calls for an independent inquiry from the country’s investor watchdog. The Securities Investors Association Singapore (SIAS) is seeking clarity on the matter, citing a lack of transparency in the company’s allegations against the executives.
Disciplinary Grounds and Whistleblower Report
Last month, Singapore Post dismissed the executives on disciplinary grounds, following a whistleblower’s report that exposed lapses in its international e-commerce logistics parcel business. The company’s internal probe allegedly found that several employees had made manual entries of delivery status codes to avoid contractual penalties with one of its largest customers.
Executives Deny Wrongdoing
However, the three executives have strongly denied the company’s allegations, claiming they were not aware of the full facts when questioned during the investigation. Two of the executives have stated that they will contest their “procedurally unfair” dismissals, according to local media reports.
Independent Investigation Needed
David Gerald, president of SIAS, believes that the only way to resolve the matter is through an independent investigation. “The disclosures from the company and the responses from the three executives thus far raise more questions than provide answers,” he said in a statement on January 2. Gerald emphasized that there is a fundamental difference in positions taken by the two parties, and that an independent inquiry is necessary to uncover the truth.
Singapore Post Open to Discussions
In response to SIAS’ statement, Singapore Post has expressed its willingness to engage in discussions with the retail investor watchdog. The company’s openness to dialogue is a positive step towards resolving the controversy, but it remains to be seen whether an independent inquiry will be conducted.
Transparency and Accountability
The controversy highlights the need for transparency and accountability in corporate governance. As the investor watchdog, SIAS is right to push for an independent inquiry to ensure that the truth is revealed and justice is served. Only through a thorough and impartial investigation can the matter be resolved fairly and in the best interests of all stakeholders.
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