After a prolonged public engagement (or spat, if you like) with Business Times, YuuZoo has taken what may be the ultimate step.

This is likely to be welcomed by, among others, its shareholders -- who have suffered a 50% or so crash in the stock price since early March (which was even before the BT spat began) and a $55 million fall in the market value of YuuZoo. 

According to its statement today (17 July 17), the Board has, at the suggestion of the Company’s Executive Chairman, decided on the following initiatives "to put an end to further speculation and misleading public claims":

thomas zilliacus handsupThomas Zilliacus, executive chairman of YuuZoo. NextInsight file photo1. To appoint an independent third party to investigate the following claims and statements, and to report its findings and recommendations to Anthony Williams, the Company’s Lead Independent Director and a partner at the world’s largest law firm, for follow-up action: 

a. All claims raised in the 6 Business Times articles quoted above; 
b. All allegations raised by YuuZoo’s former Financial Controller, which allegations he at the request of the Company wrote down, and which allegations together with all material linked to them during the audit of FY 2016 were handed over to the auditors; 
c. All claims raised by YuuZoo’s former Financial Controller in an email sent to the SGX after he was terminated;
d. All claims filed by former YuuZoo employees against YuuZoo’s former Financial Controller, including but not limited to two different police reports, one of which was filed for extortion, and five different complaints against him filed with YuuZoo’s management. 


2. The Executive Chairman of the Company, who has not been accused of any wrongdoing, has informed the Board of the Company that he for the duration of the independent review, which review he has proposed and the Board has approved, will step down from his executive position, to ensure that there can be no claims of executive interference in the process.


What the YuuZoo statement did not say: 

1. Identity of the independent party (perhaps not finalised yet?);
2. How long it reckoned the independent review would take and, by extension, the duration that the Chairman, Thomas Zilliacus, will be away from his executive position.

You may also be interested in:


You have no rights to post comments

Counter NameLastChange
AEM Holdings2.750-0.010
Avi-Tech Electronics0.265-
Best World1.8200.020
Broadway Ind0.0890.003
China Sunsine0.380-0.010
ComfortDelGro1.380-0.010
Delfi Limited1.050-
Food Empire1.4400.020
Fortress Minerals0.270-
Geo Energy Res0.4050.015
GSS Energy0.027-
Hong Leong Finance2.500-0.060
Hongkong Land (USD)3.250-0.020
InnoTek0.4450.010
ISDN Holdings0.330-0.010
ISOTeam0.035-
IX Biopharma0.041-
Jiutian Chemical0.025-
KSH Holdings0.250-
Leader Env0.050-
Medtecs Intl0.133-0.002
Nordic Group0.345-
Oxley Holdings0.093-
REX International0.118-0.003
Riverstone0.725-0.020
Sinostar PEC0.137-
Southern Alliance Mining0.600-0.005
Straco Corp.0.505-0.010
Sunpower Group0.215-
The Trendlines0.084-0.001
Totm Technologies0.023-0.001
Uni-Asia Group0.840-
Wilmar Intl3.370-0.020
Yangzijiang Shipbldg1.6900.030
 

We have 492 guests and no members online

rss_2 NextInsight - Latest News