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Yoo-hoo! Anybody home... yet?
IN "Yoo-hoo! YuuZoo, anybody home??" (BT, March 27), on the matter of YuuZoo shutting down its operations in Singapore, Ms Vivienne Tay described as challenging when trying to ascertain (a) who was running the company and (b) is it still solvent? The reported response from Singapore Exchange was that it remained "in engagement" with the company, but was unable to divulge further details as its engagements are "confidential". I am not vested, but found the comments astounding and now, about three weeks later, there's still no word to shareholders on what is happening?
If journalists of Singapore's only financial newspaper experience challenges in getting answers to what appear to be basic questions on behalf of shareholders, what hope is there for the small players out there?
Case in point: the voluntary liquidation of K1. Following the last communication from Deloitte & Touche on Feb 9, there has been zero communications. The listed office address/contact details of K1 no longer exist. The Deloitte offices moved a couple of streets but did not retain their phone numbers. Understandably, the process takes time, but surely it is not too onerous to update shareholders on the status of the disposal of assets, a la quarterly reporting requirements?
And the inability to even reach the responsible parties is even worse. Even in a zoo, there is bound to be response when one rattles the cage...
That BT shares the same experience is no joy!
Chow Hon Meng