According to SingPost, status codes for parcels linked to one of its key customers had been manually updated.
The three executives were deemed "grossly negligent" when handling the whistle-blowing reports.
Phang and Yik have indicated their intention to "vigorously contest" their sacking.
SingPost, under Phang, is in the midst of executing a strategic review which includes the divestment of assets.
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Specifically, on Dec 2, SingPost announced the proposed divestment of its Australian assets held under FMH for an enterprise value of A$1.02 billion.
The deal is subject to the approval of SingPost shareholders, and will leave the company with a smaller portfolio of operating businesses.
"It is unclear whether these recent developments would have any bearing on the transaction, nor do we have further colour on the company’s strategic growth path going forward," says OCBC's analyst Lim in her Dec 23 note.
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"As such, we leave our forecasts intact but nudge our equity risk premium assumption up by 50bps to 5.5% to reflect greater corporate governance risks and uncertainty," adds Lim, whose fair value has been trimmed to 54 cents from 58 cents even as she maintains her "hold" rating.
In a separate note on Dec 23 by OCBC's credit analyst Chin Meng Tee, he is of the view that the short-term commercial impact of this announcement is likely "manageable".
"However there are medium to longer-term uncertainties ahead related to potential governance concerns," he warns.
These include possible reputational impacts to SingPost’s other business; regulatory actions and scrutiny related to SingPost’s domestic mail business and delays in the disposal of its Australian assets.
As such, given the uncertainties, he is revising the outlook on the SingPost's credit profile from "neutral" to "negative".
SingPost shares dropped by more than 11% to as low as 49.5 cents before ending the day at 50 cents.
