PwC flags Best World's sales proceeds going into other bank accounts

Singapore

BEST World International may have understated the sales and expenses relating to its China franchise business in 2018, with some 20 per cent of sales proceeds going into other bank accounts instead, its independent accountant said in an interim update published late Sunday night.

The nine-page interim preview from PricewaterhouseCoopers Advisory Services is part of a larger review into the financial affairs of mainboard-listed premium skincare products seller Best World, after concerns were raised by The Business Times in February last year over its sales practices as well as that of its China franchisees.