YuuZoo CEO quits, says company unable to continue Singapore operations due to trading suspension
18 March 2019, 7:40 AM MYT
SINGAPORE (Mar 18): The chief operating officer (CEO) and executive director of YuuZoo Networks Group, formerly known as YuuZoo Corporation, has resigned effective today.
Known only as Mohandas, the 43-year-old was said to have tendered his resignation on Mar 5, his reason being: “Company unable to continue Singapore operations due to continuing share trading suspension”.
According to Yuuzoo’s announcement on Sunday, Mohandas will continue to serve as a non-executive member of the board.
There was no mention of who would succeed Mohandas’ role, although the company separately announced the appointment of Su Chun Keat as its new lead independent director (ID) and audit committee chairman.
In response to Su's appointment, Mak Yuen Teen, corporate governance advocate and associate professor of accounting at NUS, tweeted, "Just when you thought we can't get any lower, YuuZoo plumbs new depth. This new ID was lead partner for YuuZoo audit for FY2017. RT has been removed as auditor now."
In its annual general meeting last Oct, 97.87% of YuuZoo shareholders had voted against the reappointment of RT LLP as auditors.
Mohandas' resignation comes shy of a year since he was named CEO on 4 April last year amid the investigations conducted by the Commercial Affairs Department (CAD) into Thomas Zilliacus, Yuuzoo’s then-chairman, following notices of compliance issued by the SGX.
See: CAD raids YuuZoo's office; passport of chairman Zilliacus seized
Zilliacus gave his resignation in the same month.
Other senior members of YuuZoo who have quit over the past year include YuuZoo’s chief financial officer Kevin Wang, who also resigned in April 2018 citing “family emergency” as the reason for his departure.
Shares in YuuZoo have been suspended from trading since Mar 19 last year.
18 March 2019, 7:40 AM MYT
SINGAPORE (Mar 18): The chief operating officer (CEO) and executive director of YuuZoo Networks Group, formerly known as YuuZoo Corporation, has resigned effective today.
Known only as Mohandas, the 43-year-old was said to have tendered his resignation on Mar 5, his reason being: “Company unable to continue Singapore operations due to continuing share trading suspension”.
According to Yuuzoo’s announcement on Sunday, Mohandas will continue to serve as a non-executive member of the board.
There was no mention of who would succeed Mohandas’ role, although the company separately announced the appointment of Su Chun Keat as its new lead independent director (ID) and audit committee chairman.
In response to Su's appointment, Mak Yuen Teen, corporate governance advocate and associate professor of accounting at NUS, tweeted, "Just when you thought we can't get any lower, YuuZoo plumbs new depth. This new ID was lead partner for YuuZoo audit for FY2017. RT has been removed as auditor now."
In its annual general meeting last Oct, 97.87% of YuuZoo shareholders had voted against the reappointment of RT LLP as auditors.
Mohandas' resignation comes shy of a year since he was named CEO on 4 April last year amid the investigations conducted by the Commercial Affairs Department (CAD) into Thomas Zilliacus, Yuuzoo’s then-chairman, following notices of compliance issued by the SGX.
See: CAD raids YuuZoo's office; passport of chairman Zilliacus seized
Zilliacus gave his resignation in the same month.
Other senior members of YuuZoo who have quit over the past year include YuuZoo’s chief financial officer Kevin Wang, who also resigned in April 2018 citing “family emergency” as the reason for his departure.
Shares in YuuZoo have been suspended from trading since Mar 19 last year.
