Best World appoints PwC as independent reviewer

Singapore

BEST WORLD International on Tuesday said it has appointed independent reviewer PricewaterhouseCoopers Consulting (PwC) to examine its franchise model, after The Business Times raised concerns in February over the challenges in tracking sales of its DR's Secret line of premium skincare products in China.

The group said that PwC's review will focus on the franchise model adopted by the company in China in 2018. Its objectives will be to verify the existence of the franchisees as at Dec 31, 2018; validate the sales to and cash received from sales to significant franchisees; and identify and make appropriate recommendations on any internal control weaknesses and breaches of the Singapore Exchange (SGX) listing manual, regulations or local laws.