YuuZoo clarifies points raised over governance criticism

YUUZOO Corporation on Thursday sought to clarify points raised in a commentary that ran in The Business Times that criticised the tech company's governance issues.

The commentary, written by associate professor of accounting at NUS Business School Mak Yuen Teen, pointed out that less than three weeks after the appointment of RHT Capital (RHTC) as compliance adviser, RHTC's affiliate, RHT Corporate Advisory (RHTCA), was appointed as the replacement share transfer agent. Elizabeth Krishnan, an associate director at RHTCA, also replaced Toon Choi Fan as company secretary.

Professor Mak said it was surprising that there were no separate announcements for the appointment and cessation of the company secretary. Instead, the appointment of Ms Krishnan was bundled with the appointment of RHTCA as share transfer agent.

Responding, YuuZoo said the appointment of RHTCA as the share transfer agent and the appointment of Ms Krishnan as the company secretary happened concurrently and the "bundling" of the announcements was in the interest of efficiency. "For clarity, there were separate titles for each of the appointments."