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SingPost's TradeGlobal deal: not enough due diligence done

This led to former board of directors being unable to consider "certain key risks and valuation": WongPartnership report

Published Tue, Jul 18, 2017 · 09:50 PM

Singapore

DUE diligence was not observed nor properly carried out before Singapore Post (SingPost) signed off on its largest acquisition in 2015, legal counsel WongPartnership LLP said in a summary report on Monday.

The move had resulted in the former board of directors of the postal and e-commerce group not fully able to consider "certain key risks and valuation" before it approved the takeover of loss-making US e-commerce business TradeGlobal (TG) for US$168.5 million.

The current board at SingPost had ordered a review of the acquisition following the announcement of the risk of significant impairment to TG's carrying valu…

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