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YuuZoo chairman Thomas Zilliacus resigns amid CAD investigations

Michelle Zhu Published on Sat, Apr 28, 2018 / 12:07 PM GMT+8

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SINGAPORE (Apr 28): YuuZoo Corporation’s Thomas Henrik Zilliacus has resigned from his post as the company’s chairman with immediate effect, in view of the ongoing investigations conducted by the Commercial Affairs Department (CAD) for a potential offence under Singapore’s Securities and Futures Act.

In an announcement filed to the SGX on Friday evening, YuuZoo says Zilliacus believes his stepping aside during the ongoing investigations is the “honourable thing to do”, although he maintains his conviction that “nobody in the company has done anything wrong”.

“The board wishes to express its deep gratitude to Mr Zilliacus for his exceptional dedication to the company and for his tireless work for the benefit of YuuZoo’s shareholders. Not only has Thomas Zilliacus spent 10 years of his life building the company in various positions including Chief Executive Officer, Executive Chairman and Chairman, he has also shown an unwavering belief in the company and its future,” says YuuZoo.