In This Article:

SPSTY 0.00%

(Bloomberg) -- Singapore Post Ltd. shares slumped by the most in more than four years after the firm fired its chief executive officer and a number of other senior executives following allegations related to its international e-commerce logistics parcels business.

Most Read from Bloomberg

• Reviving a Little-Known Modernist Landmark in Buffalo

• The Architects Who Built Miami

• New York’s Congestion Pricing Plan Still Faces Legal Hurdles

• New York City’s Historic Preservation Movement Is Having a Midlife Crisis

• Mexico City to Boost Mobility, Security Ahead of FIFA World Cup

The stock slid as much as 9.8% at Monday’s open, the most since March 2020 on an intraday basis.

The Temasek Holdings Pte-backed firm said Sunday it began investigations after receiving a whistleblowing report alleging several employees manually submitted information with the intent of avoiding contracted penalties with one of Singapore Post’s largest customers. The report was also sent to the government regulator, according to a company statement.

Three managers were dismissed for the violations, and a police report was filed against them. CEO Vincent Phang, Chief Financial Officer Vincent Yik and Li Yu, CEO of its international business unit, were also terminated after the company found they were “grossly negligent” in handling the matter and made “serious misrepresentations” to the audit committee over the allegations.

With the changes in management, Singapore...

Read Full Story: https://news.google.com/rss/articles/CBMigwFBVV95cUxQeUUyQmFZSG5tWnFjZ1NpU3Fz...