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SingPost
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SingPost
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investshare
Supreme |
27-Dec-2024 09:43
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The case itself while a governance issue seem limited impact to the company.
What is more worrying is that, are there other decisions made also not proper? Example need to review Australia sale deal? |
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LoudShout
Master |
27-Dec-2024 09:26
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For the shareholders, it is good that the 3 senior executives whose employment were terminated, are taking their cases to the court. We will learn of the governance issues directly. The fall in the share price is the price to be paid for making sure that there is a clean slate. | ||||
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Tob231
Elite |
26-Dec-2024 20:32
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26 Dec 2,100,600 shortsell vol is more less the same as 24 Dec 23 Dec is the heaviest 23,623,600 seems to be waiting for more info .... based the trading summary 0.525 heavily traded 8,489,000 selldown vs 3,653,900 temporary relief and seriously does not look good .... what do you think ????? |
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Tob231
Elite |
26-Dec-2024 20:19
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based on listing rule 719 (1) there could be a breach in governance and some forms of internal risks that could materially impact tehir business operations or financial performance. hope nothing serious that warrant cpib to step in .... downside is very likely as it does not look good. social media is abuZzzzzzz. dyodd |
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Mark001
Veteran |
26-Dec-2024 13:34
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I accept both views: 1. Optimism in stock price rises 2. SingPost' s management has always been low-level. The only thing I FEEL is that SingPost will gradually disappear from our sight because its major shareholders ONLY want to get their $ back to maximize their interests and fortunately, Sinpost still has assets that exceed its market value. Do what you understand and believe, don' t follow others blindly. |
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finjungle
Veteran |
26-Dec-2024 13:02
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Hope not!! Not like fish where the fish rots from its head
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MrBear12
Supreme |
26-Dec-2024 12:46
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Rotting from the inside.
A matter of time before this becomes as prehistoric as dinosaurs |
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Giant8888
Senior |
26-Dec-2024 12:38
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As the breach involved group CEO and high management it is understandable that internal controls were being managed and manipulated. Board of directors could be relying too much on management team until they discovered some lies and realised trust has been abused. The whole saga could be bad politics between mgt against major shareholder cum major customer played out at the expenses of other shareholders. Tussle for power. So far no claims yet of anything criminal or corruption and CPIB not involved.so let pray that it remains so.
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LoudShout
Master |
26-Dec-2024 12:31
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May 2017, SGX reprimands SingPost
Listing Rule 719(1) requires an issuer to have a robust and effective system of internal
controls, addressing financial, operational and compliance risks. The determination of whether the inaccurate disclosure needed to be corrected should have been a considered decision by the Board of SingPost where it related to a declaration of the interests of all its directors in the context of the discharge of directors&rsquo fiduciary duties. It should not have been left to be resolved between the company secretaries and the director who was the subject of the inaccurate statement without proper escalation to the Board |
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ysh2006
Supreme |
26-Dec-2024 12:29
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S&P rating like no power leh ? Sale of Australia business money gain may not give dividend as court cases and reinvestment in other busibess need money...
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LoudShout
Master |
26-Dec-2024 12:01
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Yes, there are many questions unanswered. Dont depend on SGX Reg. Also, SIAS quite toothless as evidenced by its queries on AEM on the inventory error and the arbitration settlement. As 2 of the terminated senior executives have indicated that they will take legal actions on their dismissals, we should learn more of the governance failure. Need to find out the Board role in the handling of the whistleblow investigation. Now the Co is flying without its 3 senior executives... |
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Tob231
Elite |
26-Dec-2024 11:56
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agreed. SGX and SIAS quite useless ... cursory for show i have experienced it before ... coy delisted with assets did not offer any exit offer. ridiculous |
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Giant8888
Senior |
26-Dec-2024 11:43
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Short term, there could be strong rebound to fry the shortists. Then downtrend.
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finjungle
Veteran |
26-Dec-2024 11:41
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Does anyone understand the announcement to SGX??? It is FULL of HIDDEN or undisclosed findings. Singpost should be transparent and forthcoming with the facts. DO NOT HIDE.
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Tob231
Elite |
26-Dec-2024 11:33
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i am curious and perplex why all 3 senior executives are contesting board' s decision - undue, unfair and without merit. ???? The report was not disclosed to shareholders until December 2024. It alleged that some employees of the business unit under Mr Yu' s watch had manually updated the delivery status codes for certain parcels to be delivered for one of SingPost' s largest e-commerce customers to " delivery failure" . is this what the whistle blow is about ???? |
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Tob231
Elite |
26-Dec-2024 10:41
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shortists are very happy with you buying cos they will get ready for the next selldown when the next piece of news. as long as they are still around. those who are buying should know who are the cps .... i kenna before ... how they kept selling down until i gave up ... no more $$$$ to buy. you sell give them more bullets to sell dyodd |
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Joelton
Supreme |
26-Dec-2024 10:34
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Third executive fired by SingPost to contest decision, says move &lsquo unfair and without merit&rsquo
SINGAPORE - The third executive who was fired by Singapore Post on Dec 21 following investigations over a whistle-blower&rsquo s report will contest his termination, saying the move is undue, unfair and without merit.
In a statement posted on LinkedIn on Dec 24, Mr Li Yu, the former chief executive of the SingPost international business unit involved in a data falsification case, said he will contest the termination of his employment, the alleged reasons for the decision and the disciplinary proceedings.
&ldquo I will seek to enforce my legal rights and vindicate my personal reputation,&rdquo he wrote.
&ldquo I disagree with the alleged reasons given and will robustly defend my position in the proper forum.&rdquo
Mr Yu, group CEO Vincent Phang and group chief financial officer Vincent Yik were sacked with immediate effect on Dec 21 after investigations stemming from a whistle-blower&rsquo s report sent to SingPost and the Infocomm Media and Development Authority in February were concluded.
The report was not disclosed to shareholders until December 2024.
It alleged that some employees of the business unit under Mr Yu&rsquo s watch had manually updated the delivery status codes for certain parcels to be delivered for one of SingPost&rsquo s largest e-commerce customers to &ldquo delivery failure&rdquo .
However, investigations revealed that no delivery attempts had been made.
Three employees involved in the data falsification were sacked and SingPost has made a police report against them.
The national postal service provider said the customer for whom the parcels were being shipped has been informed, and a settlement agreement has been mutually agreed upon and paid. The contract with the customer has also been renewed.
However, it did not name the customer or state the settlement amount. It also did not say what the contents of the parcels were, how much they were worth and why they were not delivered.
The investigations also found that Mr Phang, Mr Yik and Mr Yu had accorded undue weight to misrepresentations made by the employees without any independent substantiation or evidence.
The three were also found to be &ldquo grossly negligent&rdquo in their handling of the internal investigations.
SingPost&rsquo s board of directors subsequently noted that it had lost confidence and trust in the judgment and ability of Mr Phang, Mr Yik and Mr Yu to perform their duties to promote and protect the interests of the company, resulting in their dismissal.
Mr Phang and Mr Yik are also contesting that decision, saying that the reasons provided for their termination are without substantive grounds and that the process leading to the move was not conducted fairly.
Said Mr Yu: &ldquo I am very disappointed by the company&rsquo s decision and aggrieved that the company has thought it fit to levy such allegations against me, which were wholly unnecessary.&rdquo
He added that he had &ldquo at all times acted with utmost professionalism and in the best interests of the company&rdquo , since his appointment with SingPost in Sept 2022.
&ldquo As the company has escalated the matter despite my desire to resolve matters amicably, I am left with no option but to take affirmative steps to contest the termination of my employment and the alleged reasons, as well as the alleged disciplinary proceedings, which were neither due nor fair.&rdquo
Referring to the whistle-blowing report, Mr Yu said he rejects all statements that he was in breach of and was grossly negligent in his duties.
He added that he fully cooperated with the investigations and provided facts and information that were known to him to be true.
&ldquo I am very clear that I have duly and fully performed my duties as CEO of the SingPost international business unit in compliance with my duties and obligations.&rdquo
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Tob231
Elite |
26-Dec-2024 10:25
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not just BT and ST ....all sources ... there is a need to convene a sharholder' s meeting in Feb 2025. not as simple as abc .... i' m sure it is so glaring ... dust is all over. you should quickly buy any sagacious person will take a back seat and wait out .... nothing is clear |
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honesty
Master |
26-Dec-2024 09:58
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well said, will shoot back to 0.56
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mrwise
Supreme |
26-Dec-2024 09:53
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Ignore the noises. Time to buy... reversing up.... it is always the same trending....spike up again! |
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