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dcools Senior	01-Aug-2020 13:55        dcools About Contact  Quote this Post!
x 0   x 0  Alert Admin	BW is doing thriving business in china, the cash holding accumulated through growing sales revenue over years is real and is not disputed by pwc or anyone audited the account. so that is no reason to delist.
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uiop1223 Supreme	01-Aug-2020 11:35        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	From regulators perspective, the numbers cannot be relied on. And PWC spent so much time and still cannot confirm the figures. I dont expect BW to suddenly produce magical documents to support the 2019 and 2018 figures and.. we do not know how far back can the figures are reliable. I also expect IRAS to knock on their door. actually, in layman terms : 1) what is the expected corrective action of the review ? < How can BW give assurance to regulators and investors that the numbers they reported is true and reflects the actual economic activity? Are the franchisees related party transactions? If yes, are sales being inflated previously and currently? Note that there are accounting rules to be satisfied in order to recognize as sales. Are there any parties such as banks that relied on the financial sttms to enter into contracts like giving loans? If yes, maybe CAD be involved. How can BW give assurance that moving forward, the distributors are truly independent of BW? BW mentions that the new distribution model is needed in order to operate in china. But Note that BW staff has bank tokens, help them to prepare financial sttms.. in substance, BW exercise control over the distributors. So their claim that the new model on franchise / distributors is misleading. 2) what is the exact requirement so that trading can resume ? < See above > Worst scenario is delisting like luckin.. wonder how much the shareholders got back? like2learn      ( Date: 31-Jul-2020 14:36) Posted: actually, in layman terms : 1) what is the expected corrective action of the review ? 2) what is the exact requirement so that trading can resume ? in the regulatory announcement, it was stated " BW proposal to address concerns" and then sgx consider. But in concrete terms or to what extent is the " address concerns" good enough to resume trading, what exactly needs to be done ? pls dun let us wait some more ...by then, maybe even covid over liao(assume vaccine by 2Q next year). x x ----
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beng1102 Elite	31-Jul-2020 22:56        beng1102 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just politic.  No-one wants to take responsilbility.  So long as some legal expert from China say " OK" and no unaswered question on financial statement of 2019 then can resume.  Still cannot resume then transfer list to HK and can raise more money. like2learn      ( Date: 31-Jul-2020 14:36) Posted: actually, in layman terms : 1) what is the expected corrective action of the review ? 2) what is the exact requirement so that trading can resume ? in the regulatory announcement, it was stated " BW proposal to address concerns" and then sgx consider. But in concrete terms or to what extent is the " address concerns" good enough to resume trading, what exactly needs to be done ? pls dun let us wait some more ...by then, maybe even covid over liao(assume vaccine by 2Q next year). x x ----
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like2learn Veteran	31-Jul-2020 14:36        like2learn About Contact  Quote this Post!
x 0   x 0  Alert Admin	actually, in layman terms : 1) what is the expected corrective action of the review ? 2) what is the exact requirement so that trading can resume ? in the regulatory announcement, it was stated " BW proposal to address concerns" and then sgx consider. But in concrete terms or to what extent is the " address concerns" good enough to resume trading, what exactly needs to be done ? pls dun let us wait some more ...by then, maybe even covid over liao(assume vaccine by 2Q next year). x x ----
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Starship Supreme	31-Jul-2020 12:29        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	uiop1223      ( Date: 31-Jul-2020 10:39) Posted: U have this clown as audit board member: Lee Sen Choon Lead Independent Director and Chairman of Audit Committee Mr Lee is currently a partner of Lee Seng Chan & Co., a public accounting firm in Singapore, and has more than 20 years of experience in accounting, auditing, taxation and corporate secretarial work. He doesnt know how to review financial sttms? Or look at work of internal and external auditors? How is he reviewing the work of internal audit unit? Or he chose to keep quiet all these while? It not a striaghtforward of not knowing how to prepare financial sttm and lack of internal controls As for dividends, its common knowledge that UOB paid out high dividends to pay back the Wee family. Go goggle. dcools      ( Date: 31-Jul-2020 10:15) Posted: by next agm and annual report, the picture likely to become clearer what will be next course of action. I personally believe the suspension will be lifted eventually cause the cause the concerns raised by pwc are mostly accounting compliance related which should be able to complied by be by engaging proficient professionals to do the job.
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uiop1223 Supreme	31-Jul-2020 10:39        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	U have this clown as audit board member: Lee Sen Choon Lead Independent Director and Chairman of Audit Committee Mr Lee is currently a partner of Lee Seng Chan & Co., a public accounting firm in Singapore, and has more than 20 years of experience in accounting, auditing, taxation and corporate secretarial work. He doesnt know how to review financial sttms? Or look at work of internal and external auditors? How is he reviewing the work of internal audit unit? Or he chose to keep quiet all these while? It not a striaghtforward of not knowing how to prepare financial sttm and lack of internal controls As for dividends, its common knowledge that UOB paid out high dividends to pay back the Wee family. Go goggle. dcools      ( Date: 31-Jul-2020 10:15) Posted: by next agm and annual report, the picture likely to become clearer what will be next course of action. I personally believe the suspension will be lifted eventually cause the cause the concerns raised by pwc are mostly accounting compliance related which should be able to complied by be by engaging proficient professionals to do the job.
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dcools Senior	31-Jul-2020 10:15        dcools About Contact  Quote this Post!
x 0   x 0  Alert Admin	by next agm and annual report, the picture likely to become clearer what will be next course of action. I personally believe the suspension will be lifted eventually cause the cause the concerns raised by pwc are mostly accounting compliance related which should be able to complied by be by engaging proficient professionals to do the job.
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Shifu8888 Supreme	31-Jul-2020 09:11        Shifu8888 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sorry. This is the most absurd nonsense. To suck out money, the management should NOT be paying dividends. They will be declaring huge pay check and bonuses for themselves. There are so many companies like that, treating listed company as their ah gong company without paying dividends despite having lots of cash and making profit. uiop1223      ( Date: 30-Jul-2020 19:03) Posted: Why mtgm paying high dividends? They are major shareholders. Slowly suck money out from money. Note that according to sgx rules, dividends can only be paid when company is making profits. So by reporting higher sales? U make your guess. Sgvale      ( Date: 30-Jul-2020 17:21) Posted: If they think BW worth so much, then they will privatise & delist to pay you. If not, all money stuck inside & slowly wait another year
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jcjc18 Member	31-Jul-2020 08:13        jcjc18 About Contact  Quote this Post!
x 0   x 0  Alert Admin	While PwC mentioned many irregularities at third party entities, they never dispute BW' s financials and more importantly the cash on the balance sheet. Don' t forget, they had paid out more than S$150m dividends over the years since IPO. Did the Business Times reporter just gave BW' s management a way to fu*k minority shareholders? If they delist now, I bet the offer price will be way below 1.30 since it' s suspended, they can really squeeze minority who are eager to get out. I seriously hope SGX will not listen to this nonsense.  What an irony, we are so adamant that this company is a " fraud" , yet we dont want them to delist at lower price...If the short sell report is correct, all fraudulent companies are worthless.... softdrink      ( Date: 30-Jul-2020 17:39) Posted: You think this is dirt cheap price????? Wait till it is worthless! If you are the owner, would you prefer to privatize at this price or wait till it drops down to $0.30 or even lower and privatize it? Will they care so much on small time investor? zillion      ( Date: 30-Jul-2020 14:57) Posted: No shareholders should allow such buyout to take it private at some dirt cheap price. It must done under close scrutiny. Meantime, let it be listed again
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t0RNAD0 Member	30-Jul-2020 20:10        t0RNAD0 About Contact  Quote this Post!
x 2   x 0  Alert Admin	Than they should do sharebuy back at high price. They have majority of shares, ultimately benefit their pockets most by doing so.   uiop1223      ( Date: 30-Jul-2020 19:03) Posted: Why mtgm paying high dividends? They are major shareholders. Slowly suck money out from money. Note that according to sgx rules, dividends can only be paid when company is making profits. So by reporting higher sales? U make your guess. Sgvale      ( Date: 30-Jul-2020 17:21) Posted: If they think BW worth so much, then they will privatise & delist to pay you. If not, all money stuck inside & slowly wait another year
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uiop1223 Supreme	30-Jul-2020 19:03        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Why mtgm paying high dividends? They are major shareholders. Slowly suck money out from money. Note that according to sgx rules, dividends can only be paid when company is making profits. So by reporting higher sales? U make your guess. Sgvale      ( Date: 30-Jul-2020 17:21) Posted: If they think BW worth so much, then they will privatise & delist to pay you. If not, all money stuck inside & slowly wait another year
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softdrink Member	30-Jul-2020 17:39        softdrink About Contact  Quote this Post!
x 0   x 0  Alert Admin	You think this is dirt cheap price????? Wait till it is worthless! If you are the owner, would you prefer to privatize at this price or wait till it drops down to $0.30 or even lower and privatize it? Will they care so much on small time investor? zillion      ( Date: 30-Jul-2020 14:57) Posted: No shareholders should allow such buyout to take it private at some dirt cheap price. It must done under close scrutiny. Meantime, let it be listed again. Starship      ( Date: 30-Jul-2020 12:45) Posted: Best World founders should make exit offer to minority shareholders THU, JUL 30, 2020 - 5:50 AM Delisting the company will allow Dora Hoan and Doreen Tan to ride more of the upside from the group' s expansion plans while putting the past in the past THE word " fraud" was never mentioned in PwC' s 27-page summary of its probe into Best World' s China dealings, but the findings still raise serious concerns. Best World' s demonstrated control over major customer Changsha Best and marketing agent Vicstar begs the question of whether sales...............  https://www.businesstimes.com.sg/companies-markets/best-world-founders-should-make-exit-offer-to-minority-shareholders
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Sgvale Supreme	30-Jul-2020 17:21        Sgvale About Contact  Quote this Post!
x 0   x 0  Alert Admin	If they think BW worth so much, then they will privatise & delist to pay you. If not, all money stuck inside & slowly wait another year
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like2learn Veteran	30-Jul-2020 17:13        like2learn About Contact  Quote this Post!
x 0   x 0  Alert Admin
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xxadidasxx Veteran	30-Jul-2020 16:56        xxadidasxx About Contact  Quote this Post!
x 0   x 0  Alert Admin	Please delist and pay us
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uiop1223 Supreme	30-Jul-2020 15:11        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Huh? U still think BW is worth $1.30? The accounts cannot be relied on.. i think people shld pass accounting test before being cleared to invest zillion      ( Date: 30-Jul-2020 14:57) Posted: No shareholders should allow such buyout to take it private at some dirt cheap price. It must done under close scrutiny. Meantime, let it be listed again. Starship      ( Date: 30-Jul-2020 12:45) Posted: Best World founders should make exit offer to minority shareholders THU, JUL 30, 2020 - 5:50 AM Delisting the company will allow Dora Hoan and Doreen Tan to ride more of the upside from the group' s expansion plans while putting the past in the past THE word " fraud" was never mentioned in PwC' s 27-page summary of its probe into Best World' s China dealings, but the findings still raise serious concerns. Best World' s demonstrated control over major customer Changsha Best and marketing agent Vicstar begs the question of whether sales...............  https://www.businesstimes.com.sg/companies-markets/best-world-founders-should-make-exit-offer-to-minority-shareholders
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uiop1223 Supreme	30-Jul-2020 15:08        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hello, i worked in big 4 before. Audit report will never use the word fraud. It has legal implications. Why will PWC put the word fraud in report? They conduct the investigation according to scope of work engaged and report their findings accordingly. ?Unable to verify? and ? unable to establish the commercial rationale of this back-to-back arrangement which appears inconsistent with the substance of the underlying transaction.? All these are words that suggest wrong doings. I done investigations before. Starship      ( Date: 30-Jul-2020 12:45) Posted: Best World founders should make exit offer to minority shareholders THU, JUL 30, 2020 - 5:50 AM Delisting the company will allow Dora Hoan and Doreen Tan to ride more of the upside from the group' s expansion plans while putting the past in the past THE word " fraud" was never mentioned in PwC' s 27-page summary of its probe into Best World' s China dealings, but the findings still raise serious concerns. Best World' s demonstrated control over major customer Changsha Best and marketing agent Vicstar begs the question of whether sales...............  https://www.businesstimes.com.sg/companies-markets/best-world-founders-should-make-exit-offer-to-minority-shareholders
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zillion Master	30-Jul-2020 14:57        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	No shareholders should allow such buyout to take it private at some dirt cheap price. It must done under close scrutiny. Meantime, let it be listed again. Starship      ( Date: 30-Jul-2020 12:45) Posted: Best World founders should make exit offer to minority shareholders THU, JUL 30, 2020 - 5:50 AM Delisting the company will allow Dora Hoan and Doreen Tan to ride more of the upside from the group' s expansion plans while putting the past in the past THE word " fraud" was never mentioned in PwC' s 27-page summary of its probe into Best World' s China dealings, but the findings still raise serious concerns. Best World' s demonstrated control over major customer Changsha Best and marketing agent Vicstar begs the question of whether sales...............  https://www.businesstimes.com.sg/companies-markets/best-world-founders-should-make-exit-offer-to-minority-shareholders
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Starship Supreme	30-Jul-2020 12:45        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Best World founders should make exit offer to minority shareholders THU, JUL 30, 2020 - 5:50 AM Delisting the company will allow Dora Hoan and Doreen Tan to ride more of the upside from the group' s expansion plans while putting the past in the past THE word " fraud" was never mentioned in PwC' s 27-page summary of its probe into Best World' s China dealings, but the findings still raise serious concerns. Best World' s demonstrated control over major customer Changsha Best and marketing agent Vicstar begs the question of whether sales...............  https://www.businesstimes.com.sg/companies-markets/best-world-founders-should-make-exit-offer-to-minority-shareholders
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uiop1223 Supreme	29-Jul-2020 12:43        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	BW will still be liable for any flouting of laws detected. The sttm that said its historical doesnt hold water. With pwc report, relevant authorities in china and sg can easily take BW to task. dloh1368      ( Date: 29-Jul-2020 12:21) Posted: Note that due to the extended period under review,  " many of the issues raised in the Report are historical issues that would have been resolved with the completion of the transitional arrangements related to the Group&rsquo s transition from the Export Model to the Franchise Model from June 2018 to June 2019." By the way, anyone had a look at the company' s action plan?    TA_Expert      ( Date: 27-Jul-2020 15:38) Posted: You sould tell SIAS
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