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Best World (BEST SP)

Year: 2019

In February 2019, Singapore's Business Times newspaper published an article which alleged that Best World's sales in China were difficult to verify. A month later, the company appointed PWC to conduct an independent review. In April 2019, Bonitas Research published a report alleging that Best World had fabricated a portion of its sales and all of its profits via undisclosed related parties. On the same day, Valiant Varriors waded in, accusing the company of multi-level marketing. In May, the company ceded that its largest Chinese customer was in fact a related party (via the CEO's brother-in-law which does not technically constitute a related party), prompting the SGX to order PWC to expand its review. In July 2020, the review concluded that there were indeed questionable practices which constituted possible breaches of the Singapore Companies Act relating to Best World's marketing practices. The company's shares remain suspended until it completes its transition to a Direct Selling Model and produces audited FY20 financials. It is possible that Best World was faking a portion of its sales and profits but it is not yet proven.

Last updated September 2021

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

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