(Bloomberg) -- Singapore Post Ltd.’s sudden dismissal of three senior executives, and their strong denials of the company’s allegations against them, calls for an independent inquiry, according to Singapore’s investor watchdog.

“The disclosures from the company and the responses from the three executives thus far raise more questions than provide answers,” David Gerald, president of the Securities Investors Association Singapore, said in a statement on Jan. 2. There is a fundamental difference in positions taken by the two parties and “the only way to properly resolve this is via an independent investigation,” he added.

SingPost last month dismissed the executives on disciplinary grounds, following a whistleblower’s report on lapses at its international e-commerce logistics parcel business. The firm’s probe allegedly found several employees made manual entries of some delivery status codes to avoid contractual penalties with one of the company’s largest customers.

SingPost said the executives had made false assertions during the investigations. Two of the three executives said they were not aware of the full facts when asked to provide their views, and would contest the “procedurally unfair” sackings, local media reported last month.

In response to SIAS’ statement, SingPost said it is open to discussions with the retail investor watchdog, CNA reported Thursday.

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