YuuZoo, which was listed on the Singapore Exchange mainboard, released several financial reports between 2015 and 2016 that were allegedly misleading.

According to the police, the statements allegedly overstated YuuZoo’s revenue by US$4.6 million to US$18.8 million.

Former YuuZoo CEO James Matthew Somasundram was charged on Feb 21 under the Securities and Futures Act in connection with the breaches.

He was handed four charges.

“In particular, Somasundaram is alleged to have been negligent in connection with the financial reports released by YuuZoo for the fourth quarter of 2015, first quarter of 2016, second quarter of 2016 and third quarter of 2016,” said the police.

If convicted, he faces a jail term of up to seven years or a fine of up to S$250,000 (US$186,000) for each charge, or both.


Leave A Reply

© 2024 The News Singapore. All Rights Reserved.