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THE BEST IS YET TO BE
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guavaMoment
Senior |
10-May-2019 10:30
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1. China 2. MLM 3. Inside jobs. 4. Sure die. |
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joker123
Senior |
10-May-2019 10:19
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Many be next week weeks we MAY see that BW investor goes to HONG LIM PARK
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sbscap
Master |
10-May-2019 10:18
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No point trying to explain to these posts. SGX has identified the elephant in the room, the brother-in-law. I' m sure a can of worms will appear once we dig further. I' m willing to bet that within 48 hours, someone in a high position in BW will say he/she needs to " spend more time with the family" or " pursue other interests" .
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Leehonghng
Member |
10-May-2019 10:17
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All the while BR and VV are pointing the facts that, the subject company is conducting illegal business [in both sales figures & accounts] worldwide (especially in Mainland China). However, our SGX is not doing their works promptly, this leads to a bigger problem now.
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stockpicker
Master |
10-May-2019 10:05
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It would appear that VV were well prepared. They released the Changsha connection as part 1 as soon as they see the price was not affected. It will b hard for BWL to rebut as it looks like they were some stories that they could not tell due to some business matters such as tax avoidance etc for which they might have committed. They should handle these matters with greater care even though every business people is doing it
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Sin_Cos_Tan
Veteran |
10-May-2019 10:05
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When CAD step in you will know how serious it' s... Non-compliance with Co legislation, SGX ' s listing manual....non discloure of interests, etc, whether knowingly or unknowingly. Breach of director' s duties may face civil liability in a lawsuit, criminal penalties and/or be subject to removal from the company. Directors' Duties in Singapore....http://singaporelegaladvice.com/law-articles/directors-duties-in-singapore/ 09-May-2019 23:20 Newlearner
If they have family relationship, how to be independent...
Superkilat ( Date: 09-May-2019 23:12) Posted:
Even Koh is her brother in law, he set up Changsha Best. But is sgx require a company to declare when brother in law has business dealing?
Business wise, changsa best is still considered as an independent third party from the group. |
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runaway
Senior |
10-May-2019 09:59
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Quote: when fly till 3 dollar... not aeroplane meh.... need to fly till 30 dollar only aeroplane is it Unquote From $1.50 to $3.00 in 3 months, its a kite. When the winds stop, it is lost in the wilderness. |
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Shifu8888
Supreme |
10-May-2019 09:56
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I totally agree. The dust has to settle.
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JarBinx
Member |
10-May-2019 09:35
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Who cares about getting whacked by the forum.. getting whacked by the market is way worse. I am vested too.. the play was to sell when BWL goes up yesterday due to its good Q1, clarification announcement, short covering etc but obviously that failed badly. Now suspension and more attacks coming in... probably just market sell when counter resumes and wait for dust to settle.
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Tiger04
Senior |
10-May-2019 09:27
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Starship, how come the date is .... SGX RegCo suspends Best World amid fresh attacks by short sellers 13/05/19, 08:00 am ?? 13th May 2019 ? | ||||
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Starship
Supreme |
10-May-2019 09:22
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SGX RegCo suspends Best World amid fresh attacks by short sellers 13/05/19, 08:00 am SINGAPORE (May 9): The past couple of months have been tough on direct selling firm Best World International. But now, it looks like even tougher times lie ahead. From a high of $3.33 in February this year, shares in Best World have plunged more than 59% to $1.36 as at May 9, following attacks and doubts cast on its business and practices. And now, Singapore Exchange Regulation (SGX RegCo) has slapped the distributor of skincare, nutritional and wellness products with a rare trading suspension &mdash the first in close to 30 months. In an announcement on May 9, SGX RegCo said the trading suspension will continue until the regulatory arm of the bourse has completed its investigations into &ldquo the veracity of [Best World&rsquo s] China sales&rdquo . The last time SGX RegCo made this move was in November 2016, when it suspended ISR Capital, a firm whose shares were alleged to have been manipulated by John Soh Chee Wen, who is on trial. His alleged co-conspirator Quah Su-Ling is the sister of Quah Su-Yin, then CEO of ISR Capital. On Feb 18, Best World called for a trading halt, after a report painting a shroud of secrecy over its 28 franchisees was published in The Business Times. The newspaper claimed the company&rsquo s director and chief operating officer, Huang Ban Chin, refused to disclose the franchisees&rsquo names and exact store locations, which were then not listed on its website. In response, Best World appointed PwC to conduct an independent review on its business and accounting practices. But investors were clearly unimpressed. Shares in Best World slid as much as 21% on Feb 25 as it resumed trading following the halt. The company called for another trading halt on April 24, after its share price tumbled 9% following the release of two damning reports on the same day by two separate short sellers &mdash Bonitas Research and Valiant Varriors &mdash presumably working in concert. Bonitas called Best World a &ldquo fraud&rdquo and alleged that the group&rsquo s sales in China were a fraction of what was reported to its shareholders. Meanwhile, Valiant alleged that Best World continued to engage in a multi-level marketing scheme in China, which is illegal. In an email to The Edge Singapore on the same day, SGX RegCo said it expected the company to call for a full independent review of all matters raised in the Bonitas report. Before the market opened on May 9, Best World issued a statement to &ldquo strongly refute&rdquo the allegations by Bonitas, and said it had commenced defamation proceedings against Bonitas and its founder. It also requested that the trading halt be lifted. Separately, the group announced a 79% jump in 1QFY2019 earnings to $10.3 million, on the back of higher revenue, which more than doubled to $53.4 million from $24.6 million a year ago. But the rosy earnings report was completely brushed aside. Both Bonitas and Valiant were already primed and ready. Within hours of Best World&rsquo s May 9 rebuttal, Bonitas said it stood by its earlier report and disclosed that it had more evidence. Valiant, meanwhile, posted photographs taken from personal Facebook pages to show that one Koh Kim Chuan, the legal representative and shareholder for Best World&rsquo s major primary import agent, Chang Sha Best, was the brother-in-law of Best World group CEO and managing director Dora Hoan. Best World had stated in its rebuttal that there were no links with the agent. Shares in Best World promptly fell another 16% on May 9, before SGX RegCo suspended trading in the counter at 3.14pm. Before the shares were suspended, the company bought back more than 4.7 million shares at prices ranging between $1.32 and $1.75, costing nearly $7.8 million. After market close on May 9, SGX RegCo issued yet another query to Best World. Among other things, the company was asked to clarify whether Koh was indeed Hoan&rsquo s brother-in-law, and when Best World commenced dealings with the primary import agent. https://www.theedgesingapore.com/print-edition/sgx-regco-suspends-best-world-amid-fresh-attacks-short-sellers |
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destinykraze
Elite |
10-May-2019 09:22
Yells: "Reality is only a matter of perception" |
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What I think BW should do. Clarify all the points highlighted, prove there are no violations. Problem Solved! Do not know what is the problem, SGX and short selling institute completely unsatifised with their answers. Some people here do not know what the possible violations brings, it has serious concerns as all these things brings serious implications. It intends to uncover frauds and creative accounting!
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zillion
Master |
10-May-2019 09:20
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Since Mode Circle time where both Ds originated from mlm system was changed to Direct selling namesake only. Our spore laws do not allowed mlm but yes to direct selling. Matter of time for other countries to catch up with such namesake mode round circling the intent. | ||||
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zillion
Master |
10-May-2019 09:16
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Bonitas supported its claim on Changsa Best with calls to them who declared they are part of Bwl , packaging boxes showed it as subsidiary, job vacancies sites as part of Bwl spore. | ||||
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Starship
Supreme |
10-May-2019 09:11
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SGX to Best World: Is main customer in China a related party? Firm had declared Changsha Best an independent party in offensive against short-seller separate report says Dora Hoan' s brother-in-law is behind it FRI, MAY 10, 2019 - 5:50 AM THE battle between Best World International and its short-sellers resumed in full force on Thursday, until the regulatory arm of the Singapore Exchange (SGX) punched down on the pause button and ordered Best World to set the facts straight. The morning began with Best World coming out of a two-week trading halt to say that it strongly refutes false allegations about its China business that were made by professional short-seller Bonitas Research on April 24. Bonitas had said it doubted that Best World' s main customer in China in 2017 was an independent party. Bonitas identified this customer as Changsha Best. Best World said on Thursday morning that Changsha Best was indeed its primary import agent, and vouched for its independence: " None of the group, the directors, the substantial shareholders of the company or their associates have had any direct or indirect shareholding interests, directorship or management role in the primary import agent." But 45 minutes after the opening bell rang, an anonymous report surfaced that suggested otherwise. The report, this time from a group that calls itself Valiant Varriors, linked Changsha Best to a person named Koh Kim Chuan. A man who goes by the same name is married to Mary Huan, believed to be the sister of Best World co-founder Dora Hoan, the report said. Attached were photos from Mary Huan' s Facebook album that featured Dora Hoan. Asked by The Business Times to clarify the connection, a spokesman for Best World said: " The company is reviewing the report." At 2.30pm, Bonitas published its own rebuttal to Best World. Shortly after 3pm, Best World shares stopped trading. The SGX said in a statement at 4.33pm: " SGX RegCo has suspended trading in the shares of Best World with effect from 3.14pm today pending our investigations into the accuracy of the company' s May 9 announcement titled Best World International Limited strongly refutes Bonitas research report. " Trading suspension will continue until we have completed our investigations into the veracity of the company' s China sales." https://www.businesstimes.com.sg/companies-markets/sgx-to-best-world-is-main-customer-in-china-a-related-party |
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like2learn
Veteran |
10-May-2019 09:08
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yeah this counter eyes must open BIG BIG. actually, i think if one can 忍 , better dun play. the upside is limited but downside very likely. i m still vested but if things worsen e.g. finance dept start to run away, independent directors start to quit etc, i will also sell. tot i better clarify my position in case gena whacked later.
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sbscap
Master |
10-May-2019 09:02
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The suspension is a good thing. Afterall, we have nutheads thinking that having a brother-in-law as a sole owner of a company that is also a major customer of the company doesn' t in any way compromise the independence. There were doubts on independence and BWI must clear the doubts. A non-disclosure is serious. It seriously give doubts on BWI' s credibility in its rebuttal. How about other areas? Maybe SGX or the auditors can send someone to check on the location where Bonitas said no one was since the earlier visit was a scheduled visit. Surely someone know someone near the place. Oh, maybe that was done. And no one was there.
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stockpicker
Master |
10-May-2019 08:51
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BWL is a Singapore listed company doing businesses in many other countries. They could not practice MLM in Singapore they way they wanted, may be the Singapore market is too small adn has better enforcements. They flourished well in countries like Philippines and Taiwan and now in China. China is a market that has a big pool of consumers with many many rules and regulations but not much enforcement. so pyramid selling can be so rampant as one can read about it so frequently in the Chinese media which is often " tight lipped" .. It is so tempting for businesses to go bad even for a legitimate and honest company like the famous Lee Kum Kee' s health company called infinitus, can also recently be caught bribing the Chinese officers for false product advertisement. You are right to deal with companies who has businesses in China carefully even if you know them well.
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michaeltan
Master |
10-May-2019 08:43
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My advise is play within your means or limits. The lesson to be leanred here is very clear, any time get halted or suspended.
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Qanghoo
Supreme |
10-May-2019 08:41
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Fully agree. I kinda thought there were no issues with this BWI until the revelation abt the likely family connection in their PRC ops. BWI had insisted that there was no link, stating that, " None of the directors, bla, bla, bla ..... " until a " brother-in-law" popped up. If the family connection is proved (is a DNA test necessary?), it' d completely demolish BWI' s credibility, n exemplify the classic fine art of telling half truths in my view. Wld it then be the first act to necessitate a ministerial " Take-down" order under the new law if it has already been signed into law?
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