SINGAPORE (June 26): YuuZoo Networks Group says YuuZooNow, which closed its Singapore office in March, is not a subsidiary of the company but a unit of a separate legal entity.
Instead, YuuZoo Networks says YuuZooNow is a subsidiary of Singapore-registered YuuZoo Content Management, which, in turn, is a subsidiary of British Virgin Island-registered YuuZoo Corporation.
In a Sunday filing, YuuZoo Networks says the Singapore office was shuttered in March as the share trading suspension imposed by the Singapore Exchange had resulted in a loss of financing capabilities as well as the loss of signed business agreements.
See: YuuZoo CEO 'forced to quit' as company closes subsidiaries in Singapore, terminates employments
As the group’s corporate support was previously provided by YuuZooNow in Singapore, YuuZoo Networks says it has opened a new corporate support centre in Bangkok to provide accounting, technology, legal, human resource and administrative support to the group.
YuuZoo Networks also clarified that the description of its Singapore office as a "flagship office" by the media was incorrect as it was only "a small office with around 10 employees".
And since YuuZoo Corp has a different legal entity with a different board, it is different from YuuZoo Networks Group.
YuuZoo Networks says that it will deal with the responsibilities linked to the closure of the Singapore office of YuuZooNow as soon as SGX lifts the share trading suspension and allows the company to function normally.
Shares in YuuZoo were suspended in March after investigations were launched by the Commercial Affairs Department (CAD) into Thomas Zilliacus, Yuuzoo’s then-chairman, following notices of compliance issued by the SGX.
