On 17 July 2017, YuuZoo Corporation issued a statement on the Singapore Exchange (see excerpts: YUUZOO: To appoint independent third party to investigate claims and allegations). Subsequently, Associate Professor Mak Yuen Teen (photo) of the NUS Business School on Friday (21 July) responded with an article titled: "Response to appointment of independent third party at YuuZoo".
|Note: This article is lengthy as it is intended to refute everything that YuuZoo has said about what I have written and to highlight what I think the independent third party to be appointed at YuuZoo needs to look into. Due to its length, I have decided to just publish on my website. Readers are welcome to circulate it.
I have been a keen observer of corporate governance in Singapore and internationally for almost twenty years but I have never seen a company quite like YuuZoo Corporation (YuuZoo).
After I published two commentaries in the Business Times raising questions about its corporate governance, disclosures and accounting, YuuZoo responded with three announcements on the Singapore Exchange (SGX). In its third response, it said my articles contain “erroneous statements and poses misleading questions”.
I had originally intended to publish only one commentary on YuuZoo. In the end, I struggled to fit what I wanted to say into two commentaries. I was going to stop at two. However, I wrote the third commentary after the company issued responses and the executive chairman made statements in its AGM that contradicted its announcements and annual reports.
Now I have to write a fourth because of the company’s continuing assertions that I have made inaccurate or misleading statements, including when it announced that it was appointing an independent third party to investigate claims and statements made by me and other Business Times articles and allegations by the former financial controller.
Prof Mak's full 9-page article can be found at his website.