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Singapore Post has responded to two articles, a letter and a commentary published in The Business Times, justifying its choice to appoint PricewaterhouseCoopers as the special auditor reviewing the group’s acquisitions of stakes in Famous Holdings, FS Mackenzie and Famous Pacific.
SingPost explains that it had appointed the special auditors voluntarily because it took a serious view of the concerns raised over Keith Tay’s position as the non-executive chairman and shareholder of Stirling Coleman Capital Ltd, which acted as an arranger or financial adviser for the sellers. Tay is the non-executive lead independent director of SingPost.
SingPost says the acquisitions are not interested-person transactions, and that it was aware of Tay’s relationship with SCCL from the time the first acquisition was entered into. However, the group adds that Tay’s interest in SCCL had no bearing or influence over the decision to approve the acquisitions, as the board followed a set of criteria to evaluate the cost, rationale and benefits of each transaction.
The letter notes that Tay was not present at the board meeting that deliberated and appointed PwC as the special auditor, and will not be involved in the proceedings relating to the special audit. Senior management of the company will also not be involved in the special audit, beyond the interviews required by the special auditors.
While PwC is the company’s existing external auditor, SingPost says that the scope set by the board for the special audit does not conflict with its role as it external auditors, and that the audit team at PwC and the team performing the special audit are separate, with the lead partner and members of the latter having no prior or existing professional relationship with the group. It also clarifies that PwC was not the external auditor of Famous Holdings at the time of the acquisition and was only appointed after the acquisition in accordance to SGX listing rules.
China Hongcheng Holdings, a cotton textile products manufacturer, has posted net losses of RMB11.3 million ($2.5 million), an 82% decline from the $62.6 million in 2QFY2015.Revenue declined 18.2% to RMB72.8 million for the quarter to December due to p rice competition and a decline in sales volumes on the back of poor market demand.
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Singapore Post has responded to two articles, a letter and a commentary published in The Business Times, justifying its choice to appoint PricewaterhouseCoopers as the special auditor reviewing the group’s acquisitions of stakes in Famous Holdings, FS Mackenzie and Famous Pacific.
SingPost explains that it had appointed the special auditors voluntarily because it took a serious view of the concerns raised over Keith Tay’s position as the non-executive chairman and shareholder of Stirling Coleman Capital Ltd, which acted as an arranger or financial adviser for the sellers. Tay is the non-executive lead independent director of SingPost.
SingPost says the acquisitions are not interested-person transactions, and that it was aware of Tay’s relationship with SCCL from the time the first acquisition was entered into. However, the group adds that Tay’s interest in SCCL had no bearing or influence over the decision to approve the acquisitions, as the board followed a set of criteria to evaluate the cost, rationale and benefits of each transaction.
The letter notes that Tay was not present at the board meeting that deliberated and appointed PwC as the special auditor, and will not be involved in the proceedings relating to the special audit. Senior management of the company will also not be involved in the special audit, beyond the interviews required by the special auditors.
While PwC is the company’s existing external auditor, SingPost says that the scope set by the board for the special audit does not conflict with its role as it external auditors, and that the audit team at PwC and the team performing the special audit are separate, with the lead partner and members of the latter having no prior or existing professional relationship with the group. It also clarifies that PwC was not the external auditor of Famous Holdings at the time of the acquisition and was only appointed after the acquisition in accordance to SGX listing rules.
China Hongcheng Holdings, a cotton textile products manufacturer, has posted net losses of RMB11.3 million ($2.5 million), an 82% decline from the $62.6 million in 2QFY2015.Revenue declined 18.2% to RMB72.8 million for the quarter to December due to p rice competition and a decline in sales volumes on the back of poor market demand.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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