SingPost fired its group CEO and CFO over falsified e-commerce shipment data

Singapore Post dismissed three senior executives on December 21, 2024 — group CEO Vincent Phang, group CFO Vincent Yik and Li Yu, CEO of its international business unit — after concluding investigations into a whistleblower's report relating to its international e-commerce logistics parcels business. Analysts called the mass dismissal unprecedented for a major Singapore-listed company.

The timeline raised the governance questions. The Infocomm Media Development Authority said the e-commerce shipment data falsification case was raised to IMDA and SingPost by a whistleblower in February — ten months before SingPost disclosed it on December 22 — and that the regulator had issued an advisory to SingPost to uphold proper governance and processes. SingPost's annual report for FY2024 did not specifically mention the whistleblowing issue.

Shareholders were left with unresolved questions: David Gerald, president of the Securities Investors Association (Singapore), said disclosures surrounding the terminations were 'insufficiently clear', noting that details had not been provided on when the board received the report or what safeguards were in place during investigations. IMDA said regulated postal services were unaffected, as the matter concerned delivery of international e-commerce parcels overseas.

Falsified shipment data in the international e-commerce parcels business went from whistleblower allegation to board-level terminations within the year.

The company did not disclose the February report until December, drawing a regulator advisory and investor suspicion about the delay.

Clearing out the CEO, CFO and international unit chief at once signalled how high the findings reached — but left the disclosure gaps unexplained.

The cover-up window is the crime scene: sitting on a whistleblower report for ten months cost SingPost its top three international leaders and its disclosure credibility.

The board assured regulators that Singapore postal operations were unaffected, while IMDA monitored the situation. SIAS pressed for fuller disclosure on the whistleblower's path to the board, keeping governance questions alive after the dismissals.