YuuZoo Networks Faces Delisting Amid Legal, Regulatory Issues

MT Newswires

2024-07-09

YuuZoo Networks (SGX:AFC) is slated for delisting from the Singapore Exchange following the suspension of its shares in March 2018 due to regulatory concerns and legal allegations, according to a Monday filing on the local bourse.

SGX suspended trading citing market integrity issues after Ernst & Young Advisory's review, which flagged potential breaches of the Securities and Futures Act related to misleading financial statements. Former CEO James Matthew Somasundram faces charges for allegedly overstating revenues during 2015-2016.

The company has not issued financial reports since February 2019 and failed to propose a viable plan for trading resumption, leading to the delisting decision.

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