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Two YuuZoo independent directors resign

TWO independent directors of YuuZoo Networks Group Corporation have resigned after several months, the online media company announced on Tuesday evening.

Joseph Lee Sien Liang, 40, tendered his resignation on Jan 18 "to deal with private practice work commitments", having been appointed an independent director of YuuZoo on July 4, 2018. He is deputy managing director of LVM Law Chambers LLC.

Brendan Goh Sian Hin, 53, also tendered on Jan 18 "to deal with work commitments", having been appointed an independent director of YuuZoo on Nov 11, 2018. He is chief financial officer of LionGold Corp.

Both resignations were noted and accepted at YuuZoo's board meeting on Jan 21 and deemed effective from Jan 18.

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Separately, the Singapore Exchange (SGX) responded on Tuesday night to a letter from the YuuZoo Shareholders Association dated Jan 7, regarding the trading suspension imposed on the company since March 2018.

SGX said that it has responded to the YuuZoo Shareholders Association, noting that the suspension will be lifted when SGX "is satisfied that the state of affairs of the company can be ascertained and the shares of the company can be traded on a fair, orderly and transparent basis". As the investigation by the Commercial Affairs Department (CAD) is ongoing, trading in YuuZoo shares will continue to be suspended, added SGX.

In April 2018, CAD raided YuuZoo's offices, seizing materials related to the financial years 2013 to 2016, and interviewed former management staff.