What triggered the investigation? Who’s involved and what’s next for the national postal service provider?
Investors reacted negatively to the news on Monday , with SingPost's share price falling by more than 8 per cent to open trading at 51 cents, down sharply from Friday's close of 56 cents.WHAT WAS THE TRIGGER?
These manual entries were allegedly done without basis or supporting documentation and with the intention of avoiding contractual penalties under the agreement. They performed or approved manual"delivery failure" status codes for parcels, even though no delivery attempt had been made and without supporting documents, said SingPost.WHAT LED TO TOP EXECUTIVES BEING FIRED?
They also"omitted to consider material facts that compromised their decision-making and/or failed to perform their duties responsibly and reliably", SingPost said in the SGX filing. SingPost said its board lost confidence and trust in the judgment of the three executives and their ability to perform their duties, given the seriousness of these lapses.
He previously held senior leadership roles at ST Logistics and Toll and is deputy chairman of the Workplace Safety and Health Council. They said the independent group internal audit investigates all whistleblowing cases according to company policy.
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