YuuZoo's former director provides bond to report back to CAD

YuuZoo's former director provides bond to report back to CAD

Samantha Chiew
23/05/18, 07:38 am

SINGAPORE (May 23): YuuZoo on Tuesday announced that former chairman Thomas Zilliacus has provided a bond to report back to the Commercial Affairs Department (CAD) on June 4, to assist further in CAD’s investigation regarding a potential breach of the Securities and Futures Act.

See: YuuZoo confirms CAD investigation into company and chairman Zilliacus

In addition, Zilliacus also voluntarily provided the CAD with a complete chronological summary relating to all financial announcements of YuuZoo during 2015-2017 and has informed the CAD of his desire to continue to share with the CAD all information he has in relation to their investigation.

Along with the provision of the bond, Zilliacus has his passport returned back to him for overseas travel.

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

Separately, the group also announced that it has taken action on a notice of compliance issued by the Singapore Exchange (SGX) earlier on March 5.

See: SGX hits YuuZoo with compliance notice to explain variance in numbers

The group has engaged its statutory auditor to provide an opinion on the veracity and reasonableness of some items in the group’s financial statements for FY17.

Following discussions with the auditors, YuuZoo will reduce its FY17 other income to $7.0 million from $8.0 million.

It will also impair 100% of its available for sale (AFS) assets worth $54.2 million.

And not book any value from the 2017 sale of network development and franchise licenses.

Shares in YuuZoo were suspended on March 19, closing at 3.8 cents.

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