SATS Shares Fall After Ground Services Provider Flags Work Pass Irregularities

$SATS(S58.SI)$ shares fell 2.7% after the airport ground services provider disclosed work pass-related irregularities involving workers employed by some of its contractors, following an internal audit.

The company said it had identified the irregularities during a routine internal audit and had taken immediate action against the companies involved. It has also strengthened internal verification controls to ensure contractor workers are deployed in accordance with the conditions of their respective work passes.

The disclosure came after Singapore's Ministry of Manpower said it was investigating contractors and subcontractors engaged by SATS over alleged work pass offences.

SATS shares had ended unchanged at S$3.66 on Monday, before the company's statement.

$(S58.SI)$

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":625269631881272,"tweetId":"625269631881272","gmtCreate":1793676826039,"gmtModify":1793676831869,"author":{"id":4102068993518380,"idStr":"4102068993518380","authorId":4102068993518380,"authorIdStr":"4102068993518380","name":"TigerNews_SG","avatar":"https://community-static.tradeup.com/news/a01a68b5f150817d01a3315fdbcaa598","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":807,"starInvestorFlag":false},"themes":[],"images":[{"img":"https://community-static.tradeup.com/news/3cc80eb548abdcedfaff13c5d4e18bfa","width":"541","height":"136"}],"coverImages":[{"img":"https://community-static.tradeup.com/news/3cc80eb548abdcedfaff13c5d4e18bfa","width":"541","height":"136"}],"title":"SATS Shares Fall After Ground Services Provider Flags Work Pass Irregularities","html":"<html><head></head><body><a href=\"https://ttm.financial/S/S58.SI\">$SATS(S58.SI)$</a> shares fell 2.7% after the airport ground services provider disclosed work pass-related irregularities involving workers employed by some of its contractors, following an internal audit.\n<img src=\"https://community-static.tradeup.com/news/3cc80eb548abdcedfaff13c5d4e18bfa\" tg-width=\"541\" tg-height=\"136\">\nThe company said it had identified the irregularities during a routine internal audit and had taken immediate action against the companies involved. It has also strengthened internal verification controls to ensure contractor workers are deployed in accordance with the conditions of their respective work passes.\nThe disclosure came after Singapore's Ministry of Manpower said it was investigating contractors and subcontractors engaged by SATS over alleged work pass offences.\nSATS shares had ended unchanged at S$3.66 on Monday, before the company's statement.<a href=\"https://ttm.financial/S/S58.SI\">$(S58.SI)$</a></body></html>","htmlText":"<html><head></head><body><a href=\"https://ttm.financial/S/S58.SI\">$SATS(S58.SI)$</a> shares fell 2.7% after the airport ground services provider disclosed work pass-related irregularities involving workers employed by some of its contractors, following an internal audit.\n<img src=\"https://community-static.tradeup.com/news/3cc80eb548abdcedfaff13c5d4e18bfa\" tg-width=\"541\" tg-height=\"136\">\nThe company said it had identified the irregularities during a routine internal audit and had taken immediate action against the companies involved. It has also strengthened internal verification controls to ensure contractor workers are deployed in accordance with the conditions of their respective work passes.\nThe disclosure came after Singapore's Ministry of Manpower said it was investigating contractors and subcontractors engaged by SATS over alleged work pass offences.\nSATS shares had ended unchanged at S$3.66 on Monday, before the company's statement.<a href=\"https://ttm.financial/S/S58.SI\">$(S58.SI)$</a></body></html>","text":"$SATS(S58.SI)$ shares fell 2.7% after the airport ground services provider disclosed work pass-related irregularities involving workers employed by some of its contractors, following an internal audit. The company said it had identified the irregularities during a routine internal audit and had taken immediate action against the companies involved. It has also strengthened internal verification controls to ensure contractor workers are deployed in accordance with the conditions of their respective work passes. The disclosure came after Singapore's Ministry of Manpower said it was investigating contractors and subcontractors engaged by SATS over alleged work pass offences. SATS shares had ended unchanged at S$3.66 on Monday, before the company's statement. $(S58.SI)$","highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/625269631881272","repostId":0,"isVote":1,"tweetType":1,"viewCount":71,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["S58.SI"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":669,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/625269631881272"}