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CAD raids YuuZoo office, seizes chairman's passport
MAINBOARD-listed online media company YuuZoo Corp announced late Thursday night that the Commercial Affairs Department (CAD) had raided its offices and seized valuation reports, audit plans and materials prepared by various professionals, hard disks, laptops, chargers and/or adapters of "certain" employees.
In a Singapore Exchange filing by chief operating officer Mohandas, YuuZoo added that its chairman, Thomas Zilliacus, and the company's 2015 head of franchise management Sebastian Zilliacus have both been interviewed by the CAD.
The company is under investigation by the Commercial Affairs Department (CAD) on possible breaches of the Securities and Futures Act.
YuuZoo said that CAD has requested access to all records and correspondences relating to franchises, franchising arrangements and the companies in which shareholdings interest were held.
In addition, CAD has asked for all relevant information technology equipment and corporate emails belonging to the following persons:
-Michael Parker, chief finance officer for 2015-2016;
-Fred Lim Aik Bin, chief finance officer from 2016-17;
-Thai Youn Fatt, financial controller for 2015-2017;
-Thomas Zilliacus, chief executive officer for 2013-2015;
-James Sundram, chief executive officer for 2015-2016;
-Sebastian Zilliacus, 2015 head of franchise management
"The company will cooperate fully with the CAD in its investigations and will make announcements as and when there are further significant developments with regard to this matter," YuuZoo concluded.
Thomas Zilliacus was also asked to surrender his passport.
Yuuzoo said no arrests have been made in connection to the investigations.