- Singapore charged YuuZoo’s ex-CEO and CFO for allegedly inflating revenue in financial reports.
- Former chairman is also wanted but remains overseas.
- These charges raise questions about YuuZoo’s finances before its trading halt in 2018.
YuuZoo ex-CEO charged
Singapore authorities charged former YuuZoo CEO James Matthew Somasundram over misleading financial statements between 2015-2016.
Former chairman Thomas Zilliacus, who bid for Manchester United last year, faces an arrest warrant and Interpol red notice.
YuuZoo, founded in 2008 as a social network and payments platform, went public in SGX in 2014 before trading halted in 2018 amid a CAD probe.
Alongside Somasundram and Zilliacus, former CFO and directors face arrest warrants but remain overseas.
Arrest warrants for executives
Somasundram was charged with four counts of negligence connected to overstated revenue in YuuZoo’s quarterly reports.
If convicted, he faces up to 7 years imprisonment and S$250,000 fine per charge.
The allegations cast doubt over YuuZoo’s finances years before trading halted.
With former top executives overseas, it remains unclear whether authorities can hold anyone accountable for the alleged violations.
To read the original article in its entirety: https://www.techinasia.com/yuuzoo-ceo-charged-interpol-red-notice-issued-exchairman-zilliacus
