THE third C-suite executive fired by Singapore Post (SingPost) last week has contested the move, calling it “without merit”.
Li Yu, chief executive of SingPost’s international business unit before the dismissal, said in a LinkedIn post dated Tuesday (Dec 24) that he was “very disappointed” and “aggrieved” by SingPost’s allegations and decision.
He wrote: “I am very disappointed by the company’s decision and aggrieved that the company has thought it fit to levy such allegations against me, which were wholly unnecessary.”
When approached by The Business Times on Thursday, Yu said: “At this moment, I have nothing else to comment apart from the statement I put out. There’s not much I can say.”
In response, a SingPost spokesperson told BT: “We are confident of our legal position and will address this at the appropriate time and forum if necessary. In light of possible litigation, we are unable to provide any further comment on this issue.”
The national postal service provider announced on Sunday that it terminated the employment of group CEO Vincent Phang, group chief financial officer Vincent Yik, and Yu a day earlier.
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The company said that it found the trio “grossly negligent” in the handling of internal investigations over a whistle-blower’s report that SingPost received earlier this year.
Yu said that he categorically rejected all statements of such conduct, and would contest the reasons for his termination. He added that he would enforce his legal rights and vindicate his reputation. “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.”
Phang and Yik said that they would “vigorously contest” the decision in a joint statement issued late on Sunday.
The shock announcement led SingPost’s shares to tank 10.7 per cent on Monday, but they bounced 3 per cent the following day.
The so-called Parcelgate scandal and sudden exit of the trio also cast doubt on whether SingPost’s plan to divest its Australian business would be affected. The buyer, Australia-based private equity fund Pacific Equity Partners, told BT on Tuesday that the deal is “on track”.
As at 3.16 pm on Thursday, SingPost gained S$0.015 or 2.9 per cent to S$0.53. The gains, together with Tuesday’s, mean that the counter has recovered half of the value lost from Monday’s sell-off.
