The former Chief Executive Officer (“CEO”) of YuuZoo Corporation Limited (now known as YuuZoo Networks Group Corporation) (“YuuZoo”), a company listed on the SGX Mainboard, James Matthew Somasundram (“Somasundram”), was charged on 21 February 2024 under the Securities and Futures Act (Chapter 289, 2006 Revised Edition) (“SFA”) in connection with breaches by YuuZoo.
As part of its listing obligations, YuuZoo released quarterly financial reports. Following investigations, several of such financial reports released by YuuZoo between 2015 and 2016 are alleged to have been misleading in a material particular in that they overstated YuuZoo’s revenue by US$4.6 million to US$18.8 million.
Somasundram faces four charges under Section 331(1) read with Sections 199(b)(ii) and 204(1) of the SFA for his role in the release of these statements by YuuZoo. In particular, Somasundaram is alleged to have been negligent in connection with the financial reports released by YuuZoo for the 4th Quarter of 2015, 1st Quarter of 2016, 2nd Quarter of 2016 and 3rd Quarter of 2016. If convicted, he may be sentenced to imprisonment for a term not exceeding seven years and/or a fine not exceeding $250,000, for each charge.
The following four other officers of YuuZoo are also alleged to have been involved in the release of misleading statements by YuuZoo:
|
|
Name |
Designation (during the material period) |
|
1 |
Thomas Zilliacus |
CEO / Executive Chairman |
|
2 |
Michael Parker |
Chief Financial Officer |
|
3 |
Anthony Williams |
Independent Director |
|
4 |
Ozi Amanat |
Independent Director |
The abovementioned people are currently out of Singapore and have refused to return. Accordingly, Warrants of Arrest have been issued against them. An INTERPOL Red Notice has also been issued against YuuZoo’s then CEO / Executive Chairman Thomas Zilliacus.
SINGAPORE POLICE FORCE
21 February 2024 @ 6:00 PM