SINGAPORE (May 19): Shares of Singapore Post (SingPost) are down 2.9% at $1.53 this morning after announcing Accounting and Corporate Regulatory Authority (ACRA) is starting investigations into possible breaches of corporate governance by the company. In comparison, the benchmark Straits Times Index is down 0.8%.

SingPost says in a filing that it received a request from ACRA on Wednesday to provide its Joint Special Audit Report by Drew & Napier and PwC dated May 3 to ACRA as it “is commencing investigations into possible breaches of the Companies Act as highlighted in the Report.”

The company had only release a 52-page executive summary of the report by the auditors who found “no evidence that there was any intention to deliberately mislead the public as to director Keith Tay’s interest in SingPost’s acquisition of FS Mackenzie”.

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