Best World files defamation suit against short seller Bonitas; calls to lift trading halt following 1Q results release

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SINGAPORE (May 9): Best World has issued a statement that says it “strongly refutes” an April 24 short seller report by Bonitas Research, where it alleged the group’s sales in China are a fraction of what was reported to its shareholders, among other issues raised in the report which the group insists are untrue.

It adds that Best World and its co-founders have commenced defamation proceedings against Bonitas and its founder in the High Court of Singapore.

Contrary to what Bonitas’ report suggests, Best World says it did not limit the scope of its latest independent review of its 2018 China franchise operations nor fabricate its FY2017 sales figure, calling such allegations “absurd” and “entirely incorrect”, respectively... (Click here to read the full story)