For BT to go after a successful homegrown group is a shame. I am a Malaysian and even I feel it this way.
The timing of BT article and the heavy shorting of BW in the past 2 days is a suspect and should warrant an investigation by the Authorities.
Based on my experience in corporate risk management, I would find it difficult for BW to engage in accounting malpractice. It is almost a cash business model, no evidence of asset shuffling and accounting policies are easy to understand.
There is a popular saying "cashflows do not lie". Yet, BT is alluding that BW may be engaging in suspicious activities.
The Independent Review is a good step forward and should be concluded as soon as possible.
I also hope that BW provides more details of Franchisee performance in its financial reporting. This will be a welcome move.
Thanks to Jason for his views. Based from his experience, I will not take his views lightly.
The timing of BT report , 6 working days before release of Annual Results, is suspicious. The strategy of the writer is simple – “conjure a destructive subject theme and build the case around it”. There are gaping holes in the article which affect credibility of the writer. Also, not a single positive point was mentioned on this 28 year old home-grown business. So much for fair and balanced reporting. This is a joke!.