YuuZoo clarifies ownership of closed Singapore office

The firm explained that YuuZoo Corporation is a different legal entity with a different board.

Troubled e-commerce firm YuuZoo Networks Group Corporation (YNG) clarified that its Singapore office YuuZooNow, which closed in March, was not a subsidiary of the firm and not a “flagship office” as claimed, a filing with the Singapore Exchange (SGX) revealed.

“It is a subsidiary of Singapore-registered YuuZoo Content Management, which is a subsidiary of BVI-registered YuuZoo Corporation. YuuZoo Corporation is not, as has been claimed, the same as SGX-listed YuuZoo Networks Group Corporation. YuuZoo Corporation is a different legal entity with a different board,” the firm said.

The firm was forced to cease operations in Singapore after a share trading suspension imposed by the SGX resulted in a loss of financing capabilities as well as the loss of signed business agreements.

Also read: YuuZoo shuts down; CEO resigns over trade suspension

“The group will deal with the responsibilities linked to the closure of the office of YuuZooNow as soon as SGX lifts the share trading suspension and allows the company to function normally,” they added.

Meanwhile, YNG revealed that it has opened a new corporate support centre in Bangkok, which will provide the accounting, technology, legal, human resources (HR) and administrative support that earlier was provided from Singapore by YuuZooNow.