Regulatory Actions By SGX::Response to YuuZoo Networks Group Corporation

Issuer & Securities

Issuer/ Manager
YUUZOO NETWORKS GROUP CORPORATION
Securities
YUUZOO NETWORKS GROUP CORP - VGG9889R1001 - AFC
Stapled Security
No

Announcement Details

Announcement Title
Regulatory Actions By SGX
Date &Time of Broadcast
19-Jul-2019 17:36:11
Status
New
Announcement Sub Title
Response to YuuZoo Networks Group Corporation
Announcement Reference
SG190719OTHRQDOW
Submitted By (Co./ Ind. Name)
Listing Compliance
Designation
Singapore Exchange Regulation
Description (Please provide a detailed description of the event in the box below)
The Exchange refers to the request of YuuZoo Networks Group Corporation (Company) for its share trading suspension to be lifted. The Company has not to-date complied with the Notice of Compliance (NOC) dated 2 April 2018 issued by the Exchange on the release of the findings of Ernst & Young Advisory Pte Ltd on its revenue recognition from franchise sales. The Exchange has also required a review of the veracity of certain receivables of the Company. In addition, contrary to what the Company represented to the Exchange, investigations by the Commercial Affairs Department are ongoing. Pending the compliance with the NOC by the Company and clarity on these matters, existing shareholders and potential investors are not able to trade in the shares of the Company on an informed basis. On this basis, the trading suspension will continue.