SingPost to review TradeGlobal purchase after S$185 million writedown, S$65.2m group loss

Singapore

POSTAL and e-commerce group Singapore Post has slashed dividends after booking a significant impairment from its United States e-commerce unit TradeGlobal in its fiscal fourth quarter.

It also said it would review whether there had been enough due diligence done on the acquisition of TradeGlobal in the first place, which several market observers earlier called into question.

When asked in an earnings call that was delayed 90 minutes on Friday night what would happen if it is determined there had been insufficient financial and commercial due diligence done on the purchase of TradeGlobal, Singapore Post acting group chief executive Mervyn Lim replied: "Befo…