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SingPost
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SingPost
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astorcpa
Member |
09-Jan-2025 11:28
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Singapore ethical standards to be met are quite high, the bar is set high- higher than in other countries. The Board wants to meet these ethical standards. The next steps should be both sides agree and move on or fight it in the court. The " independent investigation" will take the company nowhere as this is not binding on either side.    | ||||
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BinderyT
Master |
09-Jan-2025 10:57
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SIAS is being ridiculous and is over-reaching.   So everything there are disagreements with board decisions, we call for " independent investigation" ?.   It also sets a bad precedent.   For too long, bad CEOs in SG have zero accountability.   Now one of them is taken to task, we investigate the board?  
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finjungle
Senior |
09-Jan-2025 10:51
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Is an independnet enquiry committee REALLY independent? Lets get REAL. The better avenue is the law courts let the mud sling and the feces fly and hit the walls. So sofetening their resolves. Talk only
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Tob231
Master |
09-Jan-2025 09:24
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THE former chief executive and chief financial officer of Singapore Post (SingPost) on Tuesday (Jan 7) said they are prepared to abandon their litigation option if an independent professional inquiry is carried out. Carry-on |
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Joelton
Supreme |
08-Jan-2025 11:21
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SingPost&rsquo s former CEO and CFO &lsquo welcome&rsquo SIAS&rsquo s inquiry
 
Singapore Post&rsquo s (SingPost) former group CEO Vincent Phang and former CFO Vincent Yik has welcomed the Securities Investors Association (Singapore)&rsquo s (SIAS) call for an independent professional inquiry to &ldquo facilitate the determination of the full facts of the case&rdquo .
 
The SIAS, on Jan 2, called for an independent inquiry to look into the circumstances leading to the dismissal of SingPost&rsquo s three key executives. Besides Phang and Yik, SingPost also fired the head of its international operations unit, Li Yu.
 
All three individuals are contesting their termination.
 
In their latest statement, however, Phang and Yik noted that they are &ldquo prepared not to pursue any litigation options&rdquo as they simply want to establish the full facts of the case and re-establish their standing and careers rather than to pursue damages.
 
&ldquo In this regard, we are also prepared for our full responses to the company on the issue, which address all the allegations, to be released to ensure that all relevant facts are made known,&rdquo they added.
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hmphie
Veteran |
07-Jan-2025 18:40
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Fired SingPost CEO, CFO open to foregoing legal options in favour of independent inquiry
https://www.businesstimes.com.sg/companies-markets/fired-singpost-ceo-cfo-open-foregoing-legal-options-favour-independent-inquiry THE former chief executive and chief financial officer of Singapore Post (SingPost) on Tuesday (Jan 7) said they are prepared to abandon their litigation option if an independent professional inquiry is carried out.Vincent Phang and Vincent Yik said they welcome the inquiry and called on the Securities Investors Association (Singapore), or Sias, to continue facilitating the ?determination of the full facts of the case?.They noted that their main objective is to ?establish the full facts of the case and re-establish our standing and careers, rather than pursue damages?. |
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domperrier
Member |
06-Jan-2025 19:51
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Now that all the kancheong spiders have cut & run @ 49.5c, it has a more stable footing to rise to 70c! | ||||
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teeth53
Supreme |
06-Jan-2025 17:40
![]() Yells: "don't learn through life, learn to grow with life " |
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Maybank says that the sale of Famous Holdings should conclude by end January 2025, which should raise between S$80 million & S$100 million in proceeds. We expect a significant special dividend after both businesses are sold, said Maybank analyst Jarick Seet.
Maybank maintains its buy rating on SingPost, with a price target S$0.77.
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teeth53
Supreme |
06-Jan-2025 17:38
![]() Yells: "don't learn through life, learn to grow with life " |
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"She'll be able to take guidance from SingPost board chairman...:)
Mr Simon Israel amid "transitional management arrangements".
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teeth53
Supreme |
06-Jan-2025 17:32
![]() Yells: "don't learn through life, learn to grow with life " |
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SingPost appoints industry veteran as Group Chief Operating Officer role (COO)...:)
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wehuattogether88
Supreme |
06-Jan-2025 14:07
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Look forward to the Aussie assets divestment.
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BinderyT
Master |
06-Jan-2025 10:25
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IMHO, SIAS is not a regulatory body and should not be undermining the board by making such public comments.   It does not do shareholders any good.
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mrwise
Supreme |
06-Jan-2025 09:34
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This is standard answer. Normally stock prices will spike after that when the news is ripe to be announced. Be patient for the big Huat Kushan coming soon...
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Mark001
Veteran |
06-Jan-2025 09:30
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there is no problem in getting shareholders' approval for divestments. Just wait patiently. |
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investshare
Supreme |
06-Jan-2025 08:37
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Now said no certainty?
I think bad news.. |
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hmphie
Veteran |
06-Jan-2025 07:21
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Singapore Post Limited (?SingPost? or the ?Company?) refers to The Straits Times? article ?SingPost can potentially offer a ?significant? special dividend after sales of assets: Maybank? dated 3 January 2025. The article refers to, among other things, Maybank?s report on SingPost?s ?potential sale of freight forwarding business Famous Holdings?, and states that ?the sale of Famous Holdings should conclude by end-January 2025, which should raise between $80 million and $100 million in proceeds?.
SingPost has previously announced its strategy to monetise non-core assets and businesses to recycle capital1, and a list of these non-core assets and businesses, which includes Famous Holdings Pte Ltd, has been identified. SingPost also stated that potential proceeds will be appropriately allocated to reduce debt, support growth investments, and return value to shareholders. SingPost has been in discussions with various parties in the course of the execution of this strategy. There is, however, no certainty that any transaction will arise from these discussions or that any definitive or binding agreement will be entered into pursuant to these discussions. In particular, no definitive or binding agreement in relation to the sale of Famous Holdings Pte Ltd has been entered into at this time. SingPost has also previously announced on 2 December 20242 the proposed sale of SingPost Australia Investments Pty Ltd, an indirect wholly-owned subsidiary of SingPost which holds the equity interest in Freight Management Holdings Pty. Ltd.. The proposed sale of SingPost Australia Investments Pty Ltd is subject to shareholders? approval at an extraordinary general meeting of the Company expected to be held in February 2025. As announced by the Company on 29 December 20243, with the divestment of SingPost Australia Investments Pty Ltd, which is subject to shareholders? approval, there may be adjustments in the phasing and timing of further disposals ? the Board will review and restate its strategy in due course. All major divestments will be subject to shareholders? approval if required under the relevant laws and regulations. SingPost will, in compliance with the Corporate Disclosure Policy of the Listing Manual of the Singapore Exchange Securities Trading Limited, make the relevant disclosures (if any) at the appropriate time. SingPost wishes to advise its shareholders to refrain from taking any action in respect of their shares in SingPost which may be prejudicial to their interests. Issued by Singapore Post Limited on 6 January 2025. |
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investshare
Supreme |
05-Jan-2025 15:34
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How much is the special dividend? | ||||
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finjungle
Senior |
05-Jan-2025 12:10
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Think there is more than wharever information is made available to the public. Always remember when you buy fish. It rots from the HEAD
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pikachu
Master |
05-Jan-2025 08:26
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This is a complicated case. Can invest in the long term? | ||||
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Joelton
Supreme |
04-Jan-2025 09:54
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Fired SingPost group CEO and CFO say they welcome any independent inquiry
SINGAPORE &ndash Singapore Post&rsquo s former group chief executive officer and chief financial officer said they welcome any independent inquiry into the case that led to their sacking, in a statement on Jan 3.
 
Former group CEO Vincent Phang and former CFO Vincent Yik were responding to calls from the Securities Investors Association (Singapore), or Sias, for an independent, professional inquiry into the events that led to their dismissal on Dec 21.
 
They were fired following a whistle-blowing report and internal investigations.
 
A third executive, Mr Yu Li, the CEO of the international business unit at the company, was also dismissed along with them.
 
&ldquo We would like to state that we welcome any independent inquiry, including any from other regulatory bodies or authorities, and would participate fully,&rdquo Mr Phang and Mr Yik said.
 
On Jan 2, Sias said shareholders deserve to know what exactly happened, as the sudden dismissal of three senior executives from SingPost, coupled with their vigorous denial of the allegations against them, has raised &ldquo critical questions&rdquo .
 
Mr David Gerald, Sias president and CEO, also pointed out that there are discrepancies between what SingPost said about the three executives and what the executives said about themselves.
 
These discrepancies concerned the number of times and on which occasions the executives made misrepresentations over the whistle-blowing report.
 
&ldquo We have here a fundamental difference in positions taken by the two opposing parties. (The) only way to properly resolve this is via an independent investigation,&rdquo Mr Gerald said.
 
All three executives have contested the termination of their employment, which they said was unfair and without merit.
 
SingPost said on Jan 2 that it is also open to discussions with Sias about its decision to fire the three executives after Sias&rsquo call for an inquiry, media reports said.
 
It added that it fulfilled its disclosure obligations &ldquo while being mindful not to prejudice any potential legal proceedings&rdquo , the reports said.
 
SingPost first received the whistle-blowing report on Jan 17, 2024, and investigations conducted by SingPost&rsquo s internal auditors started that day.
 
Investigations were related to people in the international business unit who had manually keyed in the &ldquo DF&rdquo (delivery failure) status code for a significant number of parcels that SingPost had agreed to deliver. The code indicated that delivery had been attempted but failed. It was, however, alleged that there were no attempts made at delivery.
 
SingPost also conducted investigations related to management&rsquo s conduct in the handling of investigations into the whistle-blowing report, which led to the firing of the three executives.
 
SingPost officially announced the firings and the whistle-blowing report on the Singapore Exchange on Dec 22, 2024.
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