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like2learn Veteran	24-Jul-2020 20:14        like2learn About Contact  Quote this Post!
x 0   x 0  Alert Admin	Whither BW ?? All good things must come to an end ??  End game or new dawn ?? 不 要 问 , 不 要 说 , 一 切 尽 在 不 言 中 ....几 许 愁 , 几 许 忧 , 人 生 难 免 苦 与 痛 ....伤 离 别 , 离 别 虽 然 在 眼 前 , 说 再 见 再 见 不 会 太 遥 远 ....... " SGX RegCo will consider the Company&rsquo s proposal and its audited financial statements for FY2019 before making a determination on the Company&rsquo s continuing listing on the Exchange."
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Starship Supreme	24-Jul-2020 19:56        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	rlong8288      ( Date: 24-Jul-2020 19:14) Posted: Freezer chip zillion      ( Date: 24-Jul-2020 19:03) Posted: S chip
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uiop1223 Supreme	24-Jul-2020 19:48        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	U still hoping for the crooks to do share buy backs? Still didnt realise money gone for good except recoup a little via dividends? I read a punter got $15k dividend? Good luck to him Apple55      ( Date: 24-Jul-2020 14:48) Posted: SGX must give a timeline for the company to submit a proposal to resume trading. Else BW can choose to drag their feet. By then, cash in the company got dried up, no $$ to do share buybacks for shareholders to exit.
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rlong8288 Master	24-Jul-2020 19:14        rlong8288 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Freezer chip zillion      ( Date: 24-Jul-2020 19:03) Posted: S chip
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zillion Master	24-Jul-2020 19:03        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	S chip
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pool100 Veteran	24-Jul-2020 17:27        pool100 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Why would they be so kind to use their own money to bail out the investors? They' re from a school of crooks and designed to use the stock market to mutiply their weath thru fraudulous financial engineering. Now that things have turned sour, I believe they only want to protect what they have scooped from the market. No chance they will save the investors. dimebag      ( Date: 24-Jul-2020 10:13) Posted: Audit so long that's all they can say? I think it's more complicated than that. And if they want to do shady shit, just become private and buy out our shares. pool100      ( Date: 24-Jul-2020 02:35) Posted: The independent review is done. In summary, lots of shady and monkey business with the accounts. The conclusion is that PwC " raised concerns as to whether the accounting records of the group were maintained in accordance with section 199 of the companies act." Also, the trading of shares cannot be resumed based on insufficient clarity on the actual financial position of the group and legality of the business. I think a lot of funds are going to dump this when it resumes trading. Another scam company that got found out.
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Starship Supreme	24-Jul-2020 14:51        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Best World ordered to address independent reviewer' s final report FRI, JUL 24, 2020 - 11:52 AM THE regulatory arm of the Singapore Exchange on Thursday night said that Best World International must submit a proposal to resume trading. In its proposal, the mainboard-listed premium skincare products seller has to address concerns raised in independent reviewer PricewaterhouseCoopers Advisory Services' (PwC) observations and recommendations, the legality of its sales and distribution model in China, and the lack of clarity on its financial position. Trading in Best World' s shares cannot resume in a fair, transparent and orderly manner without sufficient clarity on the actual financial position of the group and the legality of the business, said the Singapore Exchange Regulation (SGX RegCo). SGX RegCo will consider the company&rsquo s proposal and its FY2019 audited financial statements before making a determination on its continuing listing on the Singapore bourse. PwC was appointed in March 2019 to perform an independent review on the financial affairs of Best World' s wholly-owned subsidiary BW Changsha (BWC), following a report by  The Business Times  which raised concerns over the group' s sales transactions under a new franchise model. On Thursday night, Best World announced PwC' s final report on SGXNet.  The independent reviewer highlighted several concerns surrounding the company' s operations under both the latest franchise model and an earlier export model, including the following: Best World' s employees were " substantially" involved in the daily operations and financial activities of the import agents and a Singapore-incorporated entity named Vicstar - all of which appeared to be entities that are not part of the group - such as approving expenses, holding some of Changsha Best' s bank tokens, and liaising with the external auditors on Vicstar' s financial audit. This led PwC to highlight the group' s potential exposure to legal and regulatory risks. Also, one of Best World' s import agents, Changsha Best - which is owned by Best World chief executive' s brother-in-law Koh Kim Chuan - recorded about 60 per cent of the sales to the distributors or members in its official bank accounts.  The remaining 40 per cent was deposited in the personal bank accounts of various individuals, and these monies were used to pay sales incentives to Changsha Best' s employees, commissions to distributors or members, and transfers to Vicstar. PwC also noted that Vicstar' s financial statements - prepared by Best World staff - might not reflect the true and commercial substance of Victsar' s business activities. Furthermore, the Best World subsidiary, BWC, had recorded about 80 per cent of the sales to franchisees, while the other 20 per cent was deposited in the personal bank accounts of individuals.  Best World said the 20 per cent deposits were trade rebates given to the franchisees and belonged to the franchisees, but PwC could not verify this.  As a result, PwC raised concerns as to whether the accounting records of the group were maintained in accordance with Section 199 of the Companies Act. As for the legal review of the group' s sales and distribution business in China, Best World' s legal adviser is of the view that certain features of the franchise model may potentially be in breach of the regulations on direct selling and " chuan xiao" . Best World' s statutory auditor, Ernst & Young (EY), has considered the findings in PwC' s interim review report  and issued a disclaimer of opinion  on the group' s FY2018 financial statements. EY raised concerns about the company' s relationship and arrangement with the import agents and Vicstar, as well as the group' s potential unrecorded transactions through the payment of partial sales proceeds by franchisees into personal bank accounts. SGX RegCo pointed out that both PwC' s findings and EY' s disclaimer of opinion raised concerns about whether Best World' s financial statements present a true and fair view of the group' s financial position and financial performance. TIMELINE Between 2010 and 2011, Best World sold its products to China through Vicstar.  In December 2011, the company switched to an export model, by exporting its products to China through import agents. Under the export model, Best World started distributing its products through the first import agent, Qingdao Beihui.  Changsha Best later took over from Qingdao Beihui as the import agent from September 2015 to June 2018. Even though Best World had stopped its China sales through Vicstar, Vicstar continued to support the China operations of Qingdao Beihui and Changsha Best by maintaining its China members database and computing the commissions due to the China distributors or members of the import agents. In July 2018, Best World moved to a franchise model through its subsidiary BWC, with BWC selling  directly to franchisees. Trading in Best World' s shares has been suspended since May 2019. https://www.businesstimes.com.sg/companies-markets/best-world-ordered-to-address-independent-reviewers-final-report
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Apple55 Member	24-Jul-2020 14:48        Apple55 About Contact  Quote this Post!
x 0   x 0  Alert Admin	SGX must give a timeline for the company to submit a proposal to resume trading. Else BW can choose to drag their feet. By then, cash in the company got dried up, no $$ to do share buybacks for shareholders to exit.
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Starship Supreme	24-Jul-2020 14:39        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	This company has been submitting and publishing rosy earnings reports/financial statements with huge profits quarter after quarter, year after year. But when told to produce clear, solid evidence to support it' s claims, summer turned autumn and then to winter. And months turned to years, yet still no sign of evidence.  It thinks investors are dumb, blind and deaf?  In fact it is right ---  many are truly so!!!   zillion      ( Date: 24-Jul-2020 14:08) Posted: Goodness, in SGX' s further questioning it said counter will be suspended as long as it does not received any good reply! Hell this counter will be forever SUSPENDED! SGX is being too kind to BW!
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zillion Master	24-Jul-2020 14:39        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	Name will be change to The Worst is Yet to Be-Worst World.
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iinvestor Veteran	24-Jul-2020 14:32        iinvestor About Contact  Quote this Post!
x 0   x 0  Alert Admin	Can kiss this year goodbye alrdy......they will take few more months to reply... Should let  shares resume and mkt decide....why let shareholders hang in limbo so long... I think COVID recover faster than BWL....
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zillion Master	24-Jul-2020 14:08        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	Goodness, in SGX' s further questioning it said counter will be suspended as long as it does not received any good reply! Hell this counter will be forever SUSPENDED! SGX is being too kind to BW!
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dimebag Master	24-Jul-2020 10:13        dimebag About Contact  Quote this Post!
x 0   x 0  Alert Admin	Audit so long that's all they can say? I think it's more complicated than that. And if they want to do shady shit, just become private and buy out our shares. pool100      ( Date: 24-Jul-2020 02:35) Posted: The independent review is done. In summary, lots of shady and monkey business with the accounts. The conclusion is that PwC " raised concerns as to whether the accounting records of the group were maintained in accordance with section 199 of the companies act." Also, the trading of shares cannot be resumed based on insufficient clarity on the actual financial position of the group and legality of the business. I think a lot of funds are going to dump this when it resumes trading. Another scam company that got found out.
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zillion Master	24-Jul-2020 09:19        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	just quite read first few pages of the report, 20% of revenue goes into personal bank accounts of individuals (one of which is related). is this fraud?
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zillion Master	24-Jul-2020 09:03        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	it is the new version of pyramid selling ie multi level marketing with levels lower and upper get some referral fee. there is no direct selling no retail shops etc. use own family members to mind all those outlets. even external auditors find if there is some sort of laundered money into such biz also better keep quiet otherwise will find their bodies in the rivers.
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uiop1223 Supreme	24-Jul-2020 08:44        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Its a fraud. They need to continue to cheat shareholders. Meanwhile, pay out some tiny dividends to make them happy. Give u chicken wing while take whole chicken from u. Looking at the findings, so many red flags. Who will want to take it private? Taking it private means you are cheating yourself. Make no sense right? Cheat the investors When auditors say they cannot conclude, 99% of the time got fraud but due to legal issues, they cannot say there is fraud. If it just due to accounting issues, they will indicate so and reinstate the financial sttm. I worked for the big 4! Alvin2042      ( Date: 24-Jul-2020 08:22) Posted: If the business is so viable, why don't the BOD do a mgt buyout?
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Alvin2042 Master	24-Jul-2020 08:22        Alvin2042 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If the business is so viable, why don't the BOD do a mgt buyout?
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meljohn Senior	24-Jul-2020 08:12        meljohn About Contact  Quote this Post!
x 0   x 0  Alert Admin	Very suprise such a big company can make this silly mistake .  It take so long to investigate and reslove this silly simple account mistake .  How to buy Singapore stock with the current system?
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Superkilat Elite	24-Jul-2020 07:22        Superkilat About Contact  Quote this Post!
x 0   x 0  Alert Admin	The way i see it is BW to come out solid proposal ro address these 3 issues. It can be done. Only SgxCo never state by when.
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zillion Master	24-Jul-2020 07:16        zillion About Contact  Quote this Post!
x 0   x 0  Alert Admin	Why suspended so long just to get accounts properly check. Sgx is sleeping. Anyway the 2 fake Drs will get away with it due to their papaya tripod.
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