YuuZoo Corporation - a governance nightmare

YUUZOO Corporation, a social media and e-commerce company, was incorporated in Bermuda and became listed on the Mainboard of Singapore Exchange (SGX) through a reverse take-over (RTO) of W Corporation. It commenced trading on Sept 16, 2014.

Since its listing, YuuZoo has had at least 15 departures of directors and other key officers, including two audit committee (AC) chairs, two other independent directors (IDs), a non-executive director, a chief executive officer, five chief financial officers or CFOs (including one interim), a financial controller, a head of legal, a chief revenue officer and a company secretary. Announcements of these departures generally cited other commitments, personal interests or personal reasons.

YuuZoo's current CFO, Raul Ikonen, was appointed on March 1, 2017, and is based in China. On June 20, YuuZoo posted an advertisement for a CFO on LinkedIn. Therefore, CFO version 7 could be on the way. The AGM (annual general meeting) notice in the company's latest annual report released on June 21, 2017, disclosed that James Strabo, who was appointed as an ID on Feb 6 this year, will stand for re-election at this coming AGM. However, its separate notice of AGM filed on SGX the same day shows that the resolution for his re-election was removed. On June 29, the company issued an announcement confirming that Mr Strabo has decided not to seek re-election. Therefore, another ID is on his way out.