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YuuZoo chairman steps down amid CAD investigation

YUUZOO Corporation's chairman Thomas Zilliacus has submitted his resignation in view of the investigation by the Commercial Affairs Department (CAD), the company said in a filing to the Singapore Exchange on Friday.

The investigation was started by a complaint from an unknown party, YuuZoo said, adding: "While he (Mr Zilliacus) is convinced nobody in the company has done anything wrong, he has informed the board he believes the honourable thing to do is to step aside while the investigation is ongoing."

The company is under investigation by the CAD on possible breaches of the Securities and Futures Act, The Business Times reported earlier this month.

The company has asked Mr Zilliacus to continue working with YuuZoo under a consultancy agreement with Mobile FutureWorks Inc (MFW), with a focus on managing "large overseas deals" that Mr Zilliacus has negotiated and managed, including the large smart city and real estate project in Harbin, and the expansion of YuuZoo's new Digilogistics subsidiary, YuuLog, in France, YuuZoo said.

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The company has also asked MFW to help in building and overseeing the operations of YuuZoo's overseas joint ventures and franchisee operations, and to assist the company in sourcing new merger and acquisition opportunities.