SGX RegCo orders Best World's major customer to submit documents on sales and finances
The firm’s independent reviewer will now solely report to the self-regulatory organisation.
SGX RegCo has required Changsha Best, which was recently revealed to be Best World’s primary import agent in China, to procure copies of its financial information, accounting and other corporate records, an SGX filing revealed.
In addition, it also ordered Best World’s independent reviewer PricewaterhouseCooper (PwC) to report solely to SGX RegCo on the scope and findings.
This follows after the skincare firm revealed that its CEO is the brother-in-law of Changsha Best’s shareholder and legal representative.
SGX RegCo started investigations over Best World after a Bonitas report was found accusing the firm of having intentionally limited the scope of the independent review by PwC Singapore on its business in China to divert attention from “fabricated sales” in China in 2017.