SINGAPORE (Apr 28): YuuZoo Corporation’s Thomas Henrik Zilliacus has resigned from his post as the company’s chairman with immediate effect, in view of the ongoing investigations conducted by the Commercial Affairs Department (CAD) for a potential offence under Singapore’s Securities and Futures Act.

In an announcement filed to the SGX on Friday evening, YuuZoo says Zilliacus believes his stepping aside during the ongoing investigations is the “honourable thing to do”, although he maintains his conviction that “nobody in the company has done anything wrong”.

“The board wishes to express its deep gratitude to Mr Zilliacus for his exceptional dedication to the company and for his tireless work for the benefit of YuuZoo’s shareholders. Not only has Thomas Zilliacus spent 10 years of his life building the company in various positions including Chief Executive Officer, Executive Chairman and Chairman, he has also shown an unwavering belief in the company and its future,” says YuuZoo.

Meanwhile, YuuZoo says Zilliacus will continue working for the group under a consultancy agreement between YuuZoo and Mobile FutureWorks (MFW), through which MFW will focus on managing overseas deals involving a large smart city and real estate project in Harbin, China, as well as the expansion of YuuZoo’s new digilogistics subsidiary, YuuLog, in France.

MFW has also been asked to help build and oversee the operations of YuuZoo’s overseas joint ventures and franchisee operations, and to assist the group in sourcing new mergers and acquisition opportunities.

Zilliacus’ resignation comes days after that of YuuZoo’s chief financial officer Kevin Wang, who on Monday resigned from his appointment citing “family emergency” as the reason for quitting.

The move is also made ahead of the company’s May 16 special general meeting to approve a number of changes to its capital structure, including registering itself as a limited liability company in the British Virgin Islands, changing the company name, and converting its capital structure from par value to non-par value shares.

See: YuuZoo calls for May 16 Special General Meeting to approve changes in its capital structure; CFO Wang quits

To date, CAD has raided YuuZoo’s office and seized valuation reports, audit plans and materials prepared by various professionals as well as several hard disks, chargers and adapters of certain employees.

See: CAD raids YuuZoo's office; passport of chairman Zilliacus seized

No arrests have been made in connections to the investigations so far.

Separately, Singapore Exchange Regulation (SGX RegCo) recently served the company two notices of compliance regarding numerical errors and variances in its unaudited FY2017 income statement.  

See: SGX hits YuuZoo with another notice of compliance; asks auditors to release interim report as soon as finalised

See: YuuZoo apologises for errors and typos in FY17 financial statements; files amended copy

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