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YuuZoo CFO resigns due to 'family emergency'

THE chief financial officer of YuuZoo Corporation, Kevin Haigeng Wang, has resigned due to a family emergency, according to a Singapore Exchange filing on the evening of April 23.

This comes about half a year after Mr Wang was appointed in that role in October 2017.

The mainboard-listed online media company is under investigation by the Commercial Affairs Department on possible breaches of the Securities and Futures Act, and its offices were raided, the company disclosed this month. Its chairman and former chief executive Thomas Zilliacus surrendered his passport upon instructions from the police.

YuuZoo announced on Monday that it wants to call for an extraordinary general meeting to get shareholder approval for a proposed restructuring which would move its registration from Bermuda to the British Virgin Islands, where it will be a limited liability company with a new name - YuuZoo Networks Group Corporation.

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YuuZoo's shares have been suspended from trading since March 19, after auditors failed to meet a deadline for an opinion on the "veracity and reasonableness" of certain items in the financial statements for the financial year 2017.