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YuuZoo shareholders vote against keeping RT LLP as company auditors

SHAREHOLDERS of YuuZoo Networks Group Corp, previously known as YuuZoo Corp, have voted against the reappointment of the company auditors, the board said after an annual general meeting on Friday.

The resolution to keep RT LLP on as the auditors, and to authorise the directors fix their remuneration, was voted down by shareholders representing 97.87 per cent of votes cast.

YuuZoo will seek quotations for an audit of its accounts for the year to Dec 31, the board said.

It will also seek approval from shareholders to appoint the new auditors, once it has reviewed and considered the credentials, services and fee proposals.

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Seven other resolutions were passed at the meeting. These included the re-election of chief executive Mohandas, who goes by one name, and the green light for directors' fees at US$150,000 for the year.

Still, shareholders representing 28.41 per cent of votes cast were against approving the directors' statement and audited financial statements for the financial year to Dec 31, 2017.

Audited statements released in September showed a net loss of S$101 million, compared with a previously reported 12-month net profit of S$2.29 million.

RT LLP also gave a disclaimer of opinion on the results at the time.