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YuuZoo's former chairman provides bond, gets passport back

FORMER YuuZoo chairman Thomas Zilliacus has provided a bond to report back to the Commercial Affairs Department (CAD) on June 4 to further assist in the CAD's investigation over the company's potential breach of the Securities and Futures Act.

In an exchange filing, the e-commerce company added that on May 21, Mr Zilliacus "voluntarily provided" the CAD with a complete chronological summary related to all of YuuZoo's financial announcements from 2015 - 2017, and has informed the CAD of his "desire to continue to share with the CAD all information he has in relation to their investigation".

Mr Zilliacus' passport has been returned to him for overseas travel.

Separately, the company announced it has taken action regarding a notice of compliance issued by the Singapore Exchange (SGX) on March 5, 2018.

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SGX had required YuuZoo to provide an opinion on the "veracity and reasonableness" of several items in its consolidated financial statements for fiscal 2017.

After discussions with its auditors, YuuZoo announced it has decided to reduce its "other income" to S$7 million, to impair 100 per cent - S$54.2 million - of its AFS (available for sale) balance, and not to book any value for the 2017 sale of network development and franchise licences.