SingPost’s non-executive director Keith Tay has resigned following the Singapore authority’s investigations into possible conflict of interests-related corruption allegations in SingPost. Keith Tay has been SingPost’s director for 18 years and was last re-elected in 8 July 2015.
A special audit conducted by independent accountants from PwC and D&N found that there was an incorrect disclosure made by SingPost in 2014 relating to their US$2.82 million acquisition of a UK-based freight forwarder, Famous Pacific Shipping, and FS Mackenzie between 2013 and 2015. The accountants cleared Keith Tay of any corruption saying that “there was no deliberate intention to conceal (his) interests”.
However the auditors found Keith Tay in breach of some fiduciary duties by not timely disclosing his interest in a 2015 acquisition and “may not have been made as soon as practicable”.