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
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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.
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