TradeGlobal ‘over-optimistic’ valuation did not raise questions from SingPost management team: report

SINGAPORE (July 18): SingPost says legal counsel WongPartnership LLP has issued a summary report setting out its observations concerning processes in the acquisition of TradeGlobal Holdings.

The summary report found that due diligence in TradeGlobal’s acquisition was not fully documented and due diligence in relation to certain information pertinent to TradeGlobal valuation was not carried out.

SingPost had ordered a review of the acquisition following the announcement of the risk of significant impairment to TradeGlobal’s carrying value by the company on Feb 10.

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