Report on SingPost deals finds disclosure lapses

SingPost POPStations at Geylang West Community Club.
SingPost POPStations at Geylang West Community Club. PHOTO: SINGAPORE POST

A report on two deals at Singapore Post has found disclosure lapses.

These lapses had no impact on the board's decision to go ahead with the purchase of the companies.

But the 47-page executive summary of a report by auditors Drew & Napier and PricewaterhouseCoopers took director Keith Tay to task for the delay in disclosing his interest in the firm advising on the deals.

The report found an erroneous disclosure in 2014 relating to one of the acquisitions, the F.S. Mackenzie deal, to have been the result of "carelessness" in preparation and review by certain SingPost staff.

The report found Mr Tay had declared his interest as non-executive chairman and 34.5 per cent shareholder of Stirling Coleman, financial adviser to the F.S. Mackenzie seller.

But a draft Singapore Exchange announcement omitted this information, and this went unnoticed by the SingPost corporate secretarial team.

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A version of this article appeared in the print edition of The Straits Times on May 04, 2016, with the headline 'Report on SingPost deals finds disclosure lapses'. Print Edition | Subscribe