YuuZoo CEO quits, citing trading suspension; will keep board seat

THE March 5 resignation of YuuZoo Networks Group Corp's chief executive will take effect on Monday morning, the scandal-hit company said in a bourse filing late on Sunday night.

Mohandas, who goes by only one name, will continue to serve on the board, the company disclosed.

It said that Mr Mohandas resigned because YuuZoo is "unable to continue Singapore operations due to continuing share-trading suspension".

It added that there are no unresolved differences in opinion on material matters between Mr Mohandas and the board, nor related matters that should be flagged for investors.

Trading in the shares of YuuZoo, which was previously known as YuuZoo Corp, was suspended by the bourse operator in March 2018. The company's offices were raided by the Commercial Affairs Department soon after, in a probe into possible breaches of Singapore's Securities and Futures Act.

Mr Mohandas officially tendered his resignation on March 5, a day after it was accepted by his fellow directors at a board meeting, according to the YuuZoo announcement.

The departure of Mr Mohandas - YuuZoo's former chief operating officer, who was named CEO in April 2018 after more than a year with the company's hot seat vacant - is the seventh senior exit in a year.

Meanwhile, accountant Su Chun Keat, 43, has been appointed an independent director of YuuZoo and chairman of its audit committee, according to a separate filing from YuuZoo, also on Sunday night.