(July 24): Singapore Post’s much-awaited annual general meeting on July 20 kicked off with a sombre announcement: Its chairman Simon Israel had been hospitalised earlier in the day and would thus be absent. Non-executive director Fang Ai Lian stepped in to chair the AGM, and read out Israel’s prepared speech.

Then came a presentation by SingPost chief financial officer Mervyn Lim, which included a technical explanation of why a US-based e-commerce company called TradeGlobal acquired on Oct 15, 2015 for $236 million had to be impaired in the company’s books.

When shareholders who attended the AGM were subsequently given the opportunity to ask questions, what they really wanted to know became very clear: How did SingPost make the mistake of acquiring TradeGlobal at the price it did? Who was responsible for it? And, what action was SingPost going to take?

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