Source of article: THE BUSINESS TIMES

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On December 22, 2024, SingPost disclosed that it had terminated three senior executives for alleged misconduct and breaches of duty related to the handling of a whistleblowing case. This announcement, which sparked significant public concern, has cast a spotlight on the company’s corporate governance practices and its ability to manage internal crises effectively.

The incident, dubbed “SingPost’s Parcelgate” by The Singapore Business Times in a front-page story on December 24, has drawn criticism from corporate governance experts. Many have expressed serious concerns about whether the listed company experienced a significant failure in its governance structures. The controversy has fueled broader discussions about the accountability of senior leadership in publicly traded entities.

SingPost’s handling of the whistleblower report has raised pressing questions about its internal management and transparency. Journalists, market observers, and academics alike have called for a thorough explanation from the Board, emphasizing the material impact of these issues on investor confidence and the company’s public image. As a listed entity, SingPost faces heightened scrutiny to ensure that these concerns are addressed adequately and expeditiously.

Adding to the tension, two of the dismissed executives have publicly denied the allegations against them and are contesting their dismissals. Unless the parties can reach a private resolution, the dispute is likely to escalate into a prolonged and acrimonious battle, further complicating matters for SingPost during this challenging period.

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