Jan 22, 2016

    SingPost didn't disclose director's interest

    SINGAPORE Post said last month that it had not properly disclosed a board director's interest in a 2014 acquisition that the group had agreed to pay up to £7 million (S$14.8 million) for.

    Citing "administrative oversight", SingPost noted in a Singapore Exchange (SGX) filing that it had stated in July 2014 that none of its directors had had any interest in SingPost's purchase of FS Mackenzie, a United Kingdom-based freight forwarder.

    However, one of its directors, Keith Tay Ah Kee, actually had an interest in the FS Mackenzie deal at the time it was done, although he had abstained from voting on the deal.

    The group posted the filing a day after The Business Times sent it several queries after receiving a letter from corporate governance specialist and SingPost shareholder Mak Yuen Teen regarding the company's disclosures.

    While SingPost was not privy to the letter, BT's queries were based on issues raised in it relating to the FS Mackenzie deal and to the January 2015 acquisition of a stake in another freight forwarder, New Zealand-based Famous Pacific Shipping (NZ).

    SingPost spokesman Peter Heng told BT via e-mail last month that Mr Tay had abstained from voting on the group's purchase of FS Mackenzie and its acquisition of a stake in Famous Pacific.

    Mr Heng did not say whether Mr Tay had also recused himself from all board discussions about those transactions, which was a concern raised by Mr Mak.