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YuuZoo board replies to Sias, SGX queries ahead of morning meeting
THE board of YuuZoo Networks Group Corp has suggested that trading of the company's shares - which was suspended by the Singapore Exchange (SGX) in March over auditors' inability to give an opinion on part of its financial statements - could resume "in the near future".
This nugget was part of a lengthy reply to a slew of questions from the Securities Investors Association (Singapore) or Sias. The response was released on Thursday night, ahead of an annual general meeting for the company formerly known as YuuZoo Corp on Friday morning.
"We are committed to keeping SGX and shareholders apprised on the developments in the company and we believe we would be able to regain the confidence of SGX and the public in the near future when trading of YuuZoo shares resumes," the board said.
Sias had asked the board about numerous issues, including information on who is overseeing an independent review by Ernst & Young announced in late 2017, as well as whether YuuZoo's audit and governance committee can disclose the scope of the review.
"The company is working with Ernst & Young towards an expeditious completion of the review. Upon its conclusion, the (audit and governance committee) will seek to disclose the scope of the independent review as well as a summary of its findings, appropriately, based on legal and compliance advice provided by its lawyers," the board replied.
The five-page statement also said that the board "is sourcing for capable candidates to strengthen and compliment the capability and knowledge of the management and working team to enhance the level of expertise and governance in the company".
The board added that it is looking at the eligibility of several candidates and "will announce suitable new directors in due course".
YuuZoo is also taking steps to ensure that it has an adequately resourced finance team, the board told SGX in a separate response to the bourse operator's queries over the company's annual report for the year to Dec 31, 2017.
The board added that it has started recruitment for an experienced financial professional to fill the role of independent director, as well as a chief financial officer and "experienced finance staff to better support and complement the existing finance team".
It said that MRI Moores Rowland LLP, which was appointed independent internal auditor in September 2017, will start work only after the new board line-up has been finalised at the annual general meeting.