Quintis sandalwood saga: A complete failure of corporate governance

Written on the 12 May 2017

Sandalwood grower Quintis has admitted that a supply deal with Galderma was terminated in December last year, but says this information was not conveyed to the board or top management.

The Australian Financial Review reported on Tuesday that Swiss dermatology giant Galderma discontinued a formula used in the Benzac skincare range that contained Quintis' pharmaceutical-grade sandalwood oil.

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Soren Aandahl, head of research at short-seller Glaucus Investments, said: "This is completely consistent with the way that they've acted up until this point. It is a complete failure of corporate governance and it's unacceptable for a public company to act like that."

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Source: afr.com