SIAS’ CALL FOR INDEPENDENT INQUIRY
On Jan 2, SingPost said it is open to discussions with the Securities Investors Association Singapore (SIAS) about its decision to fire the three top executives, after the retail investor watchdog called for an independent professional inquiry.
“The sudden dismissal of three senior executives from SingPost, coupled with their vigorous denial of the allegations against them, has raised critical questions in the minds of shareholders, investors and the market,” SIAS president and CEO David Gerald had said in a statement.
Given the severity of the incident and the large number of questions “still circulating”, he had said the watchdog “strongly urges” the commissioning of an independent professional inquiry into the matter.
In response to CNA’s queries, SingPost had said it has fulfilled its disclosure obligations “while being mindful not to prejudice any potential legal proceedings”.
“We have contacted SIAS and are open to discussing recent events to the extent possible given these constraints,” a spokesperson said.
Mr Phang and Mr Yik had also responded to the association’s call, saying that they would welcome and participate fully in any independent inquiry, including any from other regulatory bodies or authorities.
Both executives added on Jan 7 that if there is such an inquiry, they are “prepared to not pursue any litigation options, as the primary objective for us is to establish the full facts of the case and re-establish our standing and careers rather than to pursue damages”.
