Singapore Listed & Suspended Social Online Platform YuuZoo Corporation Ex-CEO James Matthew Somasundram Charged for Misleading Financial Reports in 2015 & 2016 for Overstating Revenue by $4.6 Million to $18.8 Million, YuuZoo Founder, Ex-Chairman, Finnish Citizen & Singapore Resident Thomas Zilliacus Issued with Warrant of Arrest & Interpol Red Notice, Thomas Zilliacus Placed Bid for Manchester United Football Club in 2023, Warrants of Arrest Also Issued to 3 Individuals CFO Michael Parker & Independent Directors Anthony Williams & Ozi Amanat
24th February 2024 | Hong Kong
Singapore listed & suspended (since 2018) social online platform YuuZoo Corporation ex-CEO James Matthew Somasundram had been charged for misleading financial reports in 2015 & 2016 for overstating revenue by $4.6 million to $18.8 million. YuuZoo founder & ex-Chairman (Finnish citizen & Singapore resident) Thomas Zilliacus had also been issued with a warrant of arrest and Interpol Red Notice. In 2023, Thomas Zilliacus had placed a bid for English premier league Manchester United football club. The Singapore police had also issued warrants of arrest to 3 individuals CFO Michael Parker and independent directors Anthony Williams & Ozi Amanat. Singapore Police Force had issued a statement including of the 4 individuals refusing to return to Singapore (Thomas Zilliacus, Michael Parker, Anthony Williams, Ozi Amanat). In 2014, YuuZoo Corporation completed a reverse takeover (RTO) of W Corporation, and renaming as “YuuZoo” on Singapore Exchange. See below for more info
“ Singapore Listed & Suspended Social Online Platform YuuZoo Corporation Ex-CEO James Matthew Somasundram Charged for Misleading Financial Reports in 2015 & 2016 for Overstating Revenue by $4.6 Million to $18.8 Million, YuuZoo Founder, Ex-Chairman, Finnish Citizen & Singapore Resident Thomas Zilliacus Issued with Warrant of Arrest & Interpol Red Notice, Thomas Zilliacus Placed Bid for Manchester United Football Club in 2023, Warrants of Arrest Also Issued to 3 Individuals CFO Michael Parker & Independent Directors Anthony Williams & Ozi Amanat “
Singapore Listed & Suspended Social Online Platform YuuZoo Corporation Ex-CEO James Matthew Somasundram Charged for Misleading Financial Reports in 2015 & 2016 for Overstating Revenue by $4.6 Million to $18.8 Million, YuuZoo Founder, Ex-Chairman, Finnish Citizen & Singapore Resident Thomas Zilliacus Issued with Warrant of Arrest & Interpol Red Notice, Thomas Zilliacus Placed Bid for Manchester United Football Club in 2023, Warrants of Arrest Also Issued to 3 Individuals CFO Michael Parker & Independent Directors Anthony Williams & Ozi Amanat
Singapore Police Force (21/2/24) – 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:
- Thomas Zilliacus, CEO / Executive Chairman
- Michael Parker, Chief Financial Officer
- Anthony Williams, Independent Director
- 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.
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