4 YEARS AFTER THE SINGAPORE EXCHANGE HALTED TRADING YUUZOO SHAREHOLDERS BELIEVE THEY HAVE LOST UP TO 200 BILLION USD
YUUZOO NETWORKS GROUP (SGX:AFC)
WASHINGTON, DISTRICT OF COLUMBIA, USA, March 21, 2022 /EINPresswire.com/ — March 18th 2022 marked a sad fourth anniversary since the day the regulatory arm of Singapore Stock Exchange (SGX), now known as RegCo, halted the trading of the shares of the fast-growing social e-commerce/mobile games/digital payment platform company YuuZoo Networks Group.
The decision to halt the trading was based on a report from Ernst & Young (EY). YuuZoo had itself commissioned EY to do an independent review of a number of false claims made in the Singapore traditional and social media. Instead of focusing on the false claims, EY in February 2018 published a report that contained no less than 79 additional false claims or misleading statements. EY admitted the false claims, and YuuZoo asked EY to correct them. Instead of doing so, EY doubled down and made additional false claims to SGX.
Based on those additional false claims, SGX in April 2018 asked the Commercial Affairs Department (CAD) of the Singapore Police to start an investigation into whether YuuZoo in 2015 and 2016 mislead the market.
Lawyers from leading law firms in Singapore within a few months from the start of the investigations showed that YuuZoo had done nothing wrong and had acted in line with all laws and regulations. The reports of the lawyers were shared with the CAD. YSHA finds it remarkable that CAD even after 4 years has not come to the same conclusion.
SGX RegCo has stated that the trading halt will not be lifted until the CAD investigation is concluded. YSHA does not understand this decision. The investigation is about events in 2015 and 2016. Those events have no bearing on the activities of the company today.
The trading halt that now has entered its 5th year has destroyed YuuZoo, a company which would have had every chance of becoming as valuable as the also Singapore-based SEA Ltd, which with a platform almost identical to that of YuuZoo followed in YuuZoo’s footsteps and went public.
SEA was in November 2021 valued at close to 200 billion USD, with a market reach that is smaller than what YuuZoo had when SGX halted YuuZoo’s business. YSHA believes that the trading halt has meant that YuuZoo shareholders have lost up to that amount.
The shareholders of YuuZoo have demanded that an EGM is called this spring. YSHA believes the EGM will enable the comeback of a new and stronger YuuZoo and will enable the management to build a market cap that over time will exceed the market cap of its rival SEA.
About YuuZoo Shareholders Association
YuuZoo Shareholders Association is an association open to all share-and optionholders of YuuZoo Networks Group. Amongst its current members are both large and small share- and optionholders from Europe, USA, Australia and Asia, representing more than 1/3 of outstanding shares and options.
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YUUZOO SHAREHOLDERS ASSOCIATION
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