“If there is such an inquiry, we are prepared to not pursue any litigation options,” say Vincent Phang and Vincent Yik.

Singapore Post’s (SingPost) former group CEO Vincent Phang and former CFO Vincent Yik has welcomed the Securities Investors Association (Singapore)’s (SIAS) call for an independent professional inquiry to “facilitate the determination of the full facts of the case”.

The SIAS, on Jan 2, called for an independent inquiry to look into the circumstances leading to the dismissal of SingPost’s three key executives. Besides Phang and Yik, SingPost also fired the head of its international operations unit, Li Yu.

All three individuals are contesting their termination.

In their latest statement, however, Phang and Yik noted that they are “prepared not to pursue any litigation options” as they simply want to establish the full facts of the case and re-establish their standing and careers rather than to pursue damages.

“In this regard, we are also prepared for our full responses to the company on the issue, which address all the allegations, to be released to ensure that all relevant facts are made known,” they added.

As at 3.42pm, shares in SingPost are trading 0.5 cents higher or 0.91% up at 55.5 cents.