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Serious YuuZoo Uplorry!! Sinkie CEO And All Sinkie Staff Not Paid!! SGX And CAD Still Can't Find Out What's Wrong!!

JohnTan

Alfrescian (InfP)
Generous Asset
yuuzoo.jpg


SINGAPORE - Beleaguered social media company YuuZoo Networks Group (YNG) Corp, formerly known as YuuZoo Corp, is closing all its Singapore-based subsidiaries and terminating all Singapore-based employees.

This was a "direct consequence" of its trading suspension, the mainboard-listed company said in a regulatory filing submitted just before the market opened on Monday (March 18).

The group said it was unable to pay local salaries, including that of its Singapore chief executive officer, as it was unable to access cash funds seized by the Inland Revenue Authority of Singapore (Iras), which were returned via a cheque some months later after it found no taxes were owing.

In the interim, YuuZoo's account was closed by its bank, which subsequently turned down its request to open a new account, which YuuZoo said prevented it from accessing the returned funds.

YuuZoo added that other Singapore-based banks also rejected its request to open an account, and it has been unable to raise new funds.

YuuZoo added it has written to the Singapore Exchange to request that its share trading suspension be lifted to raise new funds that have been committed, and allow shareholders to make trading decisions in the company. Meanwhile, it will continue its operations from other offices around the world.

Attempts by The Business Times to contact YuuZoo on Monday have been unsuccessful.

YuuZoo's shares were first suspended in March 2018 after then-auditor RT LLP failed to reply to two questions posed by the SGX. The company added that the SGX had also refused to accept its response, and asked the Commercial Affairs Department (CAD) to investigate the company.

"The CAD investigation, which soon has been going on for a full year, has not revealed any wrongdoing by the company. This is as expected, as the company since the beginning of the investigation has shown it has not committed any breach of the rules SGX asked CAD to investigate," the statement added.

https://www.straitstimes.com/busine...ngapore-operations-lay-off-staff-on-continued
 

hofmann

Alfrescian
Loyal
Somewhere it was reported that they engaged in "aggressive accounting practices"

Rings a bell cf Hyflux?
 

laksaboy

Alfrescian (Inf)
Asset
If you go to Yuuzoo's official website, and browse through the financial records, press releases and company statements from 2017-2018, it's like watching a car crash unfolding slowly before your very eyes.

From shady deals in China, to investigation by the regulators, to personnel changes on its board of directors.

Serves you right when the CEO was a Finnish charlatan from Nokia. :laugh:
 

nayr69sg

Super Moderator
Staff member
SuperMod
What kind of company is this with a cock name like YuuZoo?

What does it do? Zoo business?
 

borom

Alfrescian (Inf)
Asset
Listed only in Sept 2014 and within 3.5 years already in trouble with regulators/auditors/authorities.
Does not sound like a great record for a self proclaimed 1st world financial centre with so many such cases going on.
Such things do not happen overnight and makes one wonder whether if it should have been approved for listing.
 

laksaboy

Alfrescian (Inf)
Asset
Listed only in Sept 2014 and within 3.5 years already in trouble with regulators/auditors/authorities.
Does not sound like a great record for a self proclaimed 1st world financial centre with so many such cases going on.
Such things do not happen overnight and makes one wonder whether if it should have been approved for listing.

Nothing a little palm greasing wouldn't solve. :sneaky:
 

mojito

Alfrescian
Loyal
Listed only in Sept 2014 and within 3.5 years already in trouble with regulators/auditors/authorities.
Does not sound like a great record for a self proclaimed 1st world financial centre with so many such cases going on.
Such things do not happen overnight and makes one wonder whether if it should have been approved for listing.
This happens because the regulator salary is paid directly by sgx. This is call Singapore style ownself check ownself bro! No such thing as conflict of interest in PAP SG. :cool:
 
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