SINGAPORE (Apr 6): Singapore’s Commercial Affairs Department (CAD) has raided the offices of YuuZoo as part of its investigation on possible breaches of the Securities and Futures Act.

See: YuuZoo confirms CAD investigation into company and chairman Zilliacus

See also: SGX reports YuuZoo to 'relevant authorities' for possible breach of Securities and Futures Act after issuing notice of compliance

During the raid, the CAD seized valuation reports, audit plans and materials prepared by various professionals as well as several hard disks, chargers and adapters of certain employees.

Furthermore, the CAD has interviewed the group’s chairman, Thomas Zilliacus, and its head of franchise management in 2015, Sebastian Zilliacus.

In an SGX filing issued on Thursday, chief operating officer Mohandas says that the CAD has also requested access to all records and correspondences relating to franchises, franchising arrangements and the companies in which shareholdings interest were held.

The CAD also requested for relevant information technology equipment and corporate emails of 2016 CFO Michael Parker; 2017 CFO Fred Lim Aik Bin; 2017 financial controller Thai Youn Fatt; 2015 CEO Thomas Zilliacus; 2016 CEO James Sundram; and 2015 head of franchise management Sebastian Zilliacus.

In addition, the CAD has requested for Thomas Zilliacus’ personal and corporate technology equipment, including personal and corporate emails, documents relating to the group, personal diary, notebooks, phonebooks, organisers and passport.

Currently, no arrests have been made in connections to the investigations.

YuuZoo says that it is fully cooperating with the CAD and its investigations. It will make further announcements when there are further significant developments with regard to this matter.

Shares in YuuZoo last traded at 3.8 cents before it was suspended on Mar 19.

See: SGX slaps trading suspension on YuuZo