Incredible Holdings’ reply did not address auditors’ concerns: Sias

WE refer to our commentary “Regulators can do more about governance lapses at Incredible Holdings and Watches.com” (The Business Times, Jul 18, 2022) and the responses by Incredible Holdings (Incredible) in its announcement on SGXNet dated Jul 21, 2022 titled “Clarification in relation to The Business Times article on Jul 17, 2022” (SGX Announcement) and in an unpublished email to BT and SIAS with similar content dated Jul 21, 2022.

In the commentary, Securities Investors Association (Singapore)’s point was that there are reasonable grounds for questions to be raised in relation to corporate governance in Incredible and Watches.com.

Although there was a factual error in the commentary about Incredible not having replied to Sias’ letter and there was an unfortunate oversight in not referring to Sias’ response to Incredible’s reply, Sias continues to take the position that there are reasonable grounds for questions to be raised in relation to corporate governance in these 2 companies.